Colombia’s Mines and Energy Minister said Wednesday a planned oil pipeline from the Pacific Coast to Venezuela’s Caribbean Coast would cost approximately $8 billion.
The 2,000 mile oil pipeline, which was first proposed in October 2011, will have the capacity to transport 600,000 barrels of crude oil per day, according to Venezuela’s state oil company PDVSA.
Minister Mauricio Cardenas said there was the possibility that third parties would have access to the pipeline. “We are looking with a lot of interest at the intention of the government and authorities of the People’s Republic of China to be part of this initiative,” he said.
Cardenas met with his Venezuelan counterpart Rafael Ramirez in Cartagena March 28, where they discussed the oil pipeline as well as two gas pipelines to faciliate the export of fuel to Ecuador, Central America and Asia.
They also talked about the creation of a binational company to explore four oil fields in Venezuela with the aim of increasing production from 40,000 barrels per day to 100,000 barrels per day.