News - INCO renews Ecopetrol concession

28/6/10: Colombia’s National Institute of Concessions (INCO) has renewed Ecopetrol’s concession to occupy the Pozos Colorados Maritime Terminal (PCMT) in the Santa Marta District of the country's Magdalena Province.
 

The renewal provides Ecopetrol, Colombia’s largest integrated oil company, with exclusive and temporary access to the terminal for a period of 20 years, with the previous concession having expired on June 13.
 

PCMT has been in operation since 1963 and constitutes what Ecopetrol describes as “a vital infrastructure in the importing and exporting of hydrocarbons in Colombia”.
 

Ecopetrol’s investment plan for the concession totals more than $20m.
 

In addition, the company will also pay an annual compensation of $536,969.
 

“Continuity of operations helps Colombia breathe clean air and makes [the] production and transport of heavy crude from Colombia’s Mid-Eastern Region viable, which in turn provides many benefits to the local communities in terms of royalties, transport tariffs and job creation,” Ecopetrol says.

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