COLOMBIA: Swiss-based Glencore wins Cartagena refinery contract.

Colombia on Friday (August 25) awarded a contract to Swiss-based Glencore International AG for the expansion of the Cartagena oil refinery, state oil company Ecopetrol said. The investment to expand the country's second largest refinery could surpass 900 million dollars, according to Ecopetrol President Isaac Yanovich. "I consider it very important-- the Cartagena refinery project where a minimum of 880 or 900 million dollars will be invested and it could definitely be the most important project for the country in a long time and probably one of the most important investment projects in all of Latin America," he said. International companies bid on the project which is widely considered to be the country's most important engineering project remaining this decade.

ITN Source | August 26, 2006

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