Heavy Oil – The Future of the Industry!

In a world where the refining demand is constantly increasing – and we are looking to add new product lines on or building facilities that can handle more demand.  Praxis Global Research looks to find ways of identifying the current needs of the industry and marrying them with state of the art-know-how and technology.  There is definitely not a shortage of need for upgrading and expanding refineries in Latam.  

While the supply of expensive, easy-to-refine light sweet crude peaking in the US, Colombia is finding newer sources of crude which are of lower API, heavy crudes (API less than 20o). Reficar, Refinería de Cartagena S.A. has recognized this growing trend of heavy oil needed to be refined, and is set to finish upgrades later this year to accommodate this demand. Reficar`s expansion is estimated to cost $6.4 billion (U.S.) and will increase the refining capacity of Colombia by about 85,000–90,000 barrels per-day. Thus adding incredible value to Colombia`s hydrocarbon resources and supporting the country by eliminating dependability on fuels imports. Praxis Global Research had a chance to speak with the CEO, Reyes Reinoso, about the expansion.