Colombia's Ecopetrol invests extra $500 million on Cartagena refinery upgrade

BOGOTA -- Ecopetrol announces that its board of directors approved the allocation of an extra $502 million for the modernization project of its Cartagena refinery in 2013.

The decision was made after the management team of Reficar asked for the additional funds based on an estimated budget of $6,467 million.

The modernization of the refinery is expected to make the refinery a strategic asset for the energy security of Colombia.

The project is expected to bring benefits that should boost the development of the Colombian Caribbean Coast region and the local manufacturing sector.

The modernization project is entering its final stage. The working pace doubled in 2013, compared to last year's, and the overall progress is at 80.7%.