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Ecopetrol commits to stop routine gas flaring at operations

February 03/2020

MOSCOW (MRC) -- Colombias state-owned oil company Ecopetrol said it has signed up to a World Bank-led global initiative to stop routine gas flaring at its operations, said Hydrocarbomprocessing.

Flares at oil fields pump hundreds of millions of tonnes of carbon dioxide into the atmosphere each year, according to the World Bank. The multilateral lenders initiative aims to stop routine flaring by 2030 as part of a push to fight climate change.

Globally, Ecopetrol follows 38 other oil and gas companies and 32 governments in joining the initiative, which was launched by the World Bank in 2015, according to the lenders website.

Within Latin America, the plan is supported by the governments of Ecuador, Mexico and Peru. Petrobras and Petroamazonas EP, the state-owned oil companies of Brazil and Ecuador, respectively, also support the strategy.

We are committed to being leaders in the reduction of greenhouse gases in Colombia and increasing the energy we generate with renewable sources, Ecopetrol Chief Executive Officer Felipe Bayon said.

Signing up to the initiative is part of Ecopetrols commitment to cut its emissions by 20% by 2030, a plan it announced in 2019. The company will commit to not burning gas flares at new oil fields and will stop routine flaring in existing fields as soon as possible.

It will also report the annual volume of gas it burns to the Global Gas Flaring Reduction Partnership, which supports efforts to reduce gas flaring.

Ecopetrol on December 25 to resumed production of high-pressure polyethylene (LDPE) in the city of Barrancabermeja (Barrancabermeja, Colombia), previously closed due to a shortage of raw materials - ethylene. This production with a capacity of 23 thousand tons of LDPE per year was closed for repair on November 18.

It was previously reported that Ecopetrol intends to double sales by 2023. Ecopetrol sees opportunities to expand sales of aromatics, LDPE, solvents, base oils and asphalt in Colombia and other countries.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.
Author:Anna Larionova
Category:General News
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