February 14th is Valentine’s Day in many parts of the world (and increasingly celebrated in Colombia). It is also the day that BP chose to launch this year’s Energy Outlook, an eagerly-awaited, multi-scenario look at the future of energy demand and supply. (OK, eagerly awaited by nerds like our Analyst.)
Last week, I was at my annual pilgrimage to a high-tech fair in Barcelona and it happens to occur directly after BP publishes its annual Energy Outlook. With the forecast in my head, this year I was particularly looking at the fair for trends that affect the oil and gas business. I found one that will have a definite impact and one that should, theoretically, but for which it was hard to find real-world examples.
The Barrancabermeja Refinery completed 97 years of operation in Colombia on February 18. Colombian authorities have promised large investments for this important facility, but these have not happened so far, affecting its performance.
Ecopetrol (NYSE: EC) reported low levels of B2E diesel stock for pipeline transport systems due to maintenance activities in the Barrancabermeja Refinery during the first weeks of February. The Ministry of Mines and Energy (MinMinas) published measures to mitigate this situation and ensure distribution in the country.
As we published last week, the MinMinas think-tank and research bureau, UPME, published a long document on energy prices just before Christmas. We have picked a few charts we think are interesting.
Fuel prices have generated much discussions and controversy in Colombia because of the formula to calculate them and their included taxes, among other issues. The Constitutional Court ruled on one of the components of the prices and the Ministry of Mines and Energy (MinMinas) announced an examination of the formula.
The Ministry of Mines and Energy (MinMinas) announced a new increase in fuel prices for February 2019. The Colombian Federation of Cargo and Logistics Transporters (Colfecar), commented on this measure.