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COLOMBIA - Ecopetrol and Knoc Create Savia Peru

* COLOMBIA

Ecopetrol and Knoc Create Savia Peru
New Peruvian oil firm, Savia, born of union between Ecopetrol and South Korea's Knoc

State oil firm Ecopetrol and South Korea's Knoc confirmed this Thurs. that they concluded the process of transforming the Petro Tech Peru company, in order to convert it into a firm called Savia Peru. The firm plans to invest over $2.5 billion in the next eight years and hopes to become the top crude and gas producer in the country. The project aims to produce 18,000 barrels of oil daily, reaching 50,000 in 2016. Ecopetrol has a 50% share of Savia Peru.
Feb-04-2010 04:02pm