Columbia to set up new olefins plant
Sept. 9, 1998 The Colombian government is to hire an investment bank to design the funding for a project to set up a new olefins plant, to cost investments of $ 856 million, of which $ 60 mm from foreign investors. The facility would generate exports of $ 8.35 bn over the first 5 years of operations, in addition to attract downstream investments. This project is tied to the project to invest $ 500 mm to invest the oil refinery from Ecopetrol at Cartagena.
Meanwhile, local industrialists led by German Casas Torres are facing problems to move ahead the Refineria Sebastopol project to set up a private oil refinery in Puerto Olaya, Santander. All permit were obtained, inclusive a guarantee from Barclays Bank that it would fund $ 300 mm for the project.
Ecopetrol has given green light for the project, but they need to harmonise tariffs for the transportation of oil through the pipeline Pozos Colorados - Barranca Bermeja.
Sebastopol was designed for a 30,000 bpd capacity to produce mainly gasoline.
