Earlier this week, Colombian state-owned oil company
Ecopetrol announced
that it would be seeking
$2 billion in damages from Chicago Bridge & Iron Company, the contractor
for the expansion of Ecopetrol’s Reficar oil refinery. Ecopetrol blamed
CB&I for the $4 billion in cost overruns on the project, which doubled the
Reficar project’s cost estimate. According to the oil company, the suit was
filed before the International Chamber of Commerce. CB&I declined to
comment on the reports.
In other oil-related news, Caracol
Radio published a retrospective, detailing the history of attacks by the
leftist ELN guerrillas against Colombia’s oil infrastructure since 1986.
According to the report, the terrorists have carried out more than 2,500
attacks against Ecopetrol’s transportation infrastructure in the last 30 years,
peaking in 2013. Caracol published the story to mark the recent announcement
that the ELN and the Colombian government would officially begin peace talks to
bring an end to the long-running conflict.
In still other oil-related news, Ecuadorian oil minister
Carlos Pareja met
with his Colombian counterparts to discuss a proposal to freeze oil production.
According to Argus, Ecuador is trying to build support for its bid to hold oil
production at January levels, which it will present at the April 17 OPEC
meeting.
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