Ecopetrol gets 20-year port concession

Thu 24 Jun 2010, 10:06 GMT

Ecopetrol gets 20-year port concession

Colombian oil firm granted exclusive access to maritime terminal for 20-year period.

Colombia's National Institute of Concessions (INCO) has granted Ecopetrol S.A. a port concession renewal at Pozos Colorados Maritime Terminal.

The port concession renewal provides Ecopetrol with exclusive and temporary access to the terminal for a period of 20 years beginning June 2010.

The company's previous concession to the terminal expired on June 13, 2010.

The Pozos Colorados Maritime Terminal is located in the Santa Marta District of Magdalena Province and has been in operation since 1963. The terminal provides a vital infrastructure for the import and export of hydrocarbons in Colombia.

Ecopetrol's investment plan in the concession totals US$20,234,859. In addition, an annual compensation of US$536,969 will be paid.

Continuity of operations will facilitate the production and transport of heavy crude from Colombia's Mid-Eastern Region.

Colombia


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