September 14, 2015 [Finance Colombia] - State owned petroleum company Ecopetrol and its subsidiary Cenit has commenced operation of two new hydrocarbon storage tanks in the Coveñas maritime terminal, Colombia’s primary petroleum shipping port.
The two new tanks, each with capacity of 420,000 barrels, are part of a project of infrastructure improvement between the Ayacucho, Cesar station and the port of Coveñas, in Sucre.
Two more tanks of the same size are under construction, also with capacity of 420,000 barrels are expected to begin operation by the end of this year, bringing total port capacity to 1,240,000 barrels. These tanks replace two 60 year old tanks that had capacities of 110,000 barrels each. The project represents an investment of $280 billion Colombian pesos, and has generated approximately 800 direct and indirect jobs.
This project also brings fuel oil exports to the Coveñas port, leaving the Port of Cartagena. Since March of this year, Ecopetrol is exporting up to two 400,000 barrel shipments per month of low viscosity fuel oil per month. These shipments represent 12% of Ecopetrol total annual exports, and are primarily destined for Singapore, Europe, and The United States, where they are primarily used for marine fuel.
