March 16 - Glencore International has failed to provide promised funding for the USD2.8 billion expansion of Colombia's second largest refinery in Cartagena.
Swiss-based Glencore was unable to secure finance to fund the original USD630.7 million offered in 2006 and the USD260 million it proposed to inject later for further expansion of the project.
Commercial manager at the port, Giovanni Benedetti, however, remains optimistic: "It is a big project that signifies a lot of movement of cargo. We hope that this continues and goes forward. Glencore is negotiating its exit and there is a lot of optimism for a new partner."
Hernan Martinez, Colombia's minister for mines and energy has offered a maximum of USD658 million for the Glencore's 51 percent stake and other minority partner, Colombian state-owned oil company Ecopetrol, has opened talks with more potential partners, among them, Brazil's state owned Petrobras.