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Latin America Investment News on Viva Tropical

Largest Refinery Project in Central America on Tap for El Salvador

Article Summary:

The Salvadoran consortium PetroGolfo has announced plans to invest $600 million in the construction of an oil refinery in the port of Acajutla. When completed, it will be the largest oil refinery of its kind in Central America.

Photo Credit: El Financiero

Original Article Text From El Financiero via Google Translate :

Build Oil Refinery in El Salvador

An ambitious project to build the largest oil refinery in Central America was announced by the company PetroGolfo, a consortium of Salvadoran entrepreneurs.

The work, which will invest about $ 600 million will be built at the port of Acajutla, according to company spokesmen and representatives of the mayor of the port city.

The company detailed the generation of about 1,000 direct jobs, plus 2,000 in the construction phase and 200 when fully operational, in early 2014.

However, Eduardo Ordyñez, alderman of the municipality, said that in the first talks with representatives of PetroGolfo, there was talk of a generation of 1,500 direct jobs and about 3,000 indirect jobs during the construction phase.

The company’s general manager, Jose Rivas, said the vision is to produce all the petroleum products required by the Salvadorian market and a good part of which requires the other countries of Central America.

The refinery “is being designed to be capable of receiving oil from anywhere in the world and have the ability to produce and refine it based on national and regional demand a variety of produce for consumers ourselves and our neighbors” Rivas said.

The construction company is a Canadian financial institution and provide the credit necessary for the construction and operation of the refinery is located in Texas, United States, said Rivas.

He also said that most contractors and service providers will Salvadoran firms with extensive experience in their field. Rivas said that “additional business development programs in the long run will be part of our project, ensuring our strong commitment to local development through the employment of skilled labor in El Salvador.”
Both Councilman Ordyñez, as the mayor of Acajutla, Mary Elizabeth German, commented that the project was planned to run in the port of La Union in the east, but many difficulties presented by the mayor, investors decided to do it Acajutla.

The mayor said his administration is taking every opportunity to develop the work of the consortium Salvadoran capital “for having taken this initiative to PetroGolfo refinery in this city, it is an excellent project that will bring local development.”

Three years to the work
It is estimated that construction time of the work shall be 26 months, once the government institutions and the municipality of Acajutla extend all permits, said the general manager of the company.

For its part, the Mayor explained that the idea is to break ground as soon as possible to inaugurate before the president of El Salvador, Mauricio Funes, delivered his term June 1, 2014. To do so, said the company representatives have already pending and approved permits in most relevant government institutions.

“Here the only thing that is missing to jump-start this project is the land where the diagnosis is to make the refinery,” he said.

German said already signed a letter of understanding between investors and the municipality to carry out the project.

Link to Original Article:

From El financiero

  • anonanonyma

    so has it started to be built because i haven’t
    heard anythingr

  • anonanonyma

    well I heard that a finnish company will build
    a natural gas powerplant there. I have not heard
    anything about petrogulf anymore, oh well I think
    we’ll just have to wait.

Latin America Investment News on Viva Tropical