Private investors plan to pump more than $2.8 billion into two new duty-free zones in the northern Colombian port cities of Cartagena and Santa Marta, with most of the money going into expanding an oil refinery, the Trade, Industry and Tourism Ministry said.
The bulk of the investment, or some $2.7 billion, will be used to expand the duty-free zone in Cartagena, the capital of Bolivar province, where the refinery is located.
The Permanent Special Services Duty-Free Zone operated by the Regional Port Authority in Santa Marta, the capital of Magdalena province, will get some $127 million in investment.
Some 3,500 construction jobs will be created at the duty-free zone in Cartagena when work begins in mid-2010 on the project to double refining capacity at the port's energy complex to 165,000 barrels per day.
The complex is located in the 296-hectare (731-acre) Mamonal industrial park.
The project in Santa Marta, meanwhile, is expected to create 256 jobs, including 169 during the construction phase, which is not expected to be completed until 2020.
Investors plan to modernize the Santa Marta marine terminal, expanding operating and warehousing capacity.
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