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Refining and Petrochemicals
Apr 30, 2020

The fourth link in the value chain is the refining and petrochemical activity, which originates from the Barrancabermeja and Cartagena refineries. It is there where the crude oil originating from the fields is transformed into value-added products, which contributes towards job creation and revitalizes regional economies.

Business results

2019 was characterized by an unfavorable environment, mainly attributable to two circumstances that surfaced during this period:

  • Differentials in international product prices versus Brent, where the benchmarks (cracks) of gasoline and naphtha reached their lowest levels in the past 25 years.
  • Fuel oil in the last quarter of 2019 reached USD $ -22 / bbl versus Brent, to a greater extent attributable to MARPOL coming into force. (International convention aimed at preventing pollution from ships caused by operational or accidental causes)

Conversely, there was a strengthening of the international price of crude that make up the diets (slate) of the refineries.

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