Americas News
Ecopetrol Boosts Fuel Oil Storage with Two New Tanks
Colombia's state-owned petroleum company Ecopetrol S.A. (Ecopetrol) and its subsidiary Cenit S.A.S. (Cenit) have begun operating two new storage tanks at the Coveñas maritime terminal, local media reports.
The two tanks, which are said to have replaced two 60 year-old tanks with 110,000 barrel capacities, are reported to each have a 420,000 barrel capacity.
Two further similar tanks are reported to be currently under construction and expected to be operational by the end of 2015, bringing the port's total capacity of 1,240,000 barrels.
The COP 280 billion ($92.5 million) storage expansion project is said to be part of infrastructure improvement effort between the Ayacucho, Cesar station and the port of Coveñas.
Ecopetrol is said to be exporting up to 800,000 barrels of low viscosity fuel oil per month, mostly to Singapore, Europe, and the U.S., representing approximately 12 percent of the company's annual exports.
The increased storage is expected to increase fuel oil exports from Coveñas.
In June, Ship & Bunker reported that a Cartagena-based physical player, Petrobunkers, had formally announced its entry into the market in Colombia.
