Colombia's state oil company Ecopetrol plans to increase its sales of petrochemicals to 2.7Mt in 2015, up from just 169,000t in 2007, Ecopetrol president Javier Gutiérrez said in a presentation.
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The increased petrochemical production will require investment of US$4bn in the period, he said.
Polyethylene production will reach 900,000t/y, up from its current 50,000t/y level, while polypropylene output will be ramped up to 720,000t/y.
Ecopetrol recently spent US$690mn to acquire local petrochemical company Propilco, which produces some 380,000t/y polypropylene.
Meanwhile, butadiene and styrene butadiene production will account for 685,000t/y of the total in 2015, according to the presentation.
Production of aromatics will rise to 395,000t/y, up from 129,000t/y currently, Gutiérrez said.
By 2011, Ecopetrol aims for petrochemical sales to reach 825,000t/y.
Gutiérrez's presentation was delivered at the Institute of the Americas' XVII Latin America energy conference in La Jolla, California.
