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Colombian state-owned Ecopetrol has started up Cartagena refinery, in which it has invested $8,015 million.

The new facility, considered as one of the most advanced in Latina America due to its technology, will be capable to process 165,000 barrels a day.

According to the President of Colombia, Juan Manuel Santos, during the inauguration, the refinery will impact GDP growth “which may rise by one percent additionally” and up to 10 percent regarding industrial GDP.

When completely functioning, besides 165,000 barrels a day, Cartagena refinery will produce 220 sulfur tons a day and process between 2,400 and 2,700 coal tons. Colombian oil company foresees the refinery will be 100 percent operative in 2016.

The refinery will process oil by-products Colombia was not able to produce, such as coke.

Regarding diesel produced in this facility, its sulfur level will be 10 parts of per million, whereas previously it was 2,400.

“In the case of gasoline, the sulfur level will lower from 800 to 50 parts per million”, Santos indicated, who highlighted the positive effects it will have on the environment. These numbers will turn the refinery into one of the most environmentally efficient refineries in the world.”

The production Wooden Watches will also allow Colombia “to be independent regarding imports of many oil by-products”, Colombian President said, who explained that the margin by barrel processed will be multiplied by a factor of six, increasing from $6 to $18 per barrel.