investment from Brazilian state-controlled oil company Petroleo Brasileiro S.A.,
“If a company like
said in a press conference following a meeting with Brazilian President
In particular, Uribe suggested
improvement project with Colombian state oil company
Bidding on the project, which was aimed at raising output at Colombia’s
second-largest refinery to 140,000 barrels a day from 80,000 b/d, was originally
won by the Swiss firm Glencore International AG. However, Glencore on Monday
indicated it would back out of the project after failing to raise the necessary
Uribe met with Lula on Tuesday to discuss investment and trade-cooperation
initiatives to face the current global economic slowdown.
Colombia’s Mines and Energy Minister
Glencore will sell back its 51% stake in Colombia’s second-largest oil refinery
The Colombian government,
Glencore will receive in return for the stake in the refinery located in the
Caribbean port of Cartagena.
Glencore acquired the 51% stake in the refinery in 2006 with a
offer, beating a rival offer from
Later that same year,
team up with Glencore in the project.
In addition to
company also toyed with the idea of purchasing a refinery in
purchase of the 50% stake it doesn’t own in a
operates. That stake is currently held by Transcor Astra Group SA.
refining and production assets at home in
downstream operations. The company plans to build six refineries, maximizing its
return from increased crude output by producing higher-value derivatives such as
gasoline, diesel and petrochemicals for sale at home and abroad.
The state-run oil company wants to boost refining output to 2.27 million
barrels a day by 2013, up from current production of 1.8 million barrels a day.