The Board of Directors of Ecopetrol have given the green light to Phase 3 of the Modernization Project of the Barrancabermeja Refinery (PMRB) worth a total investment of USD 3.386 billion. Operations will officially begin on the construction phase of the project, which is scheduled to begin operations in 2016. This project will allow the refinery to increase the conversion factor from 76% to 95%, resulting in the ability to obtain more products, including gasoline and diesel. A greater quantity of heavy crudes can also be processed. This project is intended to improve the refinery’s profitability and provide the entire Colombian market, eliminating the need for any imports. The modernized refinery is also expected to generate higher quality fuels, helping to reduce pollution and result in better air quality in Colombia. The Barrancabermeja refinery, located in Santander, supplies almost 80% of the fuels consumed in Colombia and has a crude processing capacity of 250,000 barrels per day.