Three companies have announced major spending plans within the downstream hydrocarbon processing industry.
The Argentina based company has announced plans to invest US$ 100 million in its Cutral Co refinery, Neuquen province, Argentina. The money will be used to upgrade the facility allowing an increase in crude processing to 1400 m3/d.
The work is being partly funded by the Argentinean government’s ‘Refining Plus’ incentive program. Once completed in March 2010 the refinery will supply approximately 7% of Argentina’s fuel needs.
Husky Energy will invest US$ 400 million in their Ohio facilities. This was announced in the company’s capital expenditure report. Husky are planning on spending US$ 3.1 billion in 2010 with US$ 465 million being devoted exclusively to downstream operations in Lima and Toledo.
The majority of the investment will be focused on the Lima refinery as the company looks to carry out essential engineering and maintenance work. Husky Energy also has plans to reconfigure the Lima refinery to process heavy crudes however, the work will be done with separate investments.
Ecopetrol S.A. has announced a US$ 6.93 billion investment plan for 2010. 65% of the company’s spending will be on exploration and production. Ecopetrol plan on investing US$ 1.294 billion on its refining and petrochemical ventures, which is a 59% increase on 2009 spending in this sector.
The majority of the capital will be used to carry out maintenance and upgrade work on Ecopetrol’s refineries as well as industrial services projects. Part of the budget will be spent on the construction and startup of a hydrotreatment plant in Barrancabermeja.