News and AnalysIs for

Ecopetrol (NYSE: EC) reported that Barrancabermeja’s refinery celebrated its 95th anniversary with positive financial results, operating and petrochemical production records, and innovations in its processes, which keeps it at the forefront of industrial development in the Middle Magdalena region.

The National Administrative Department of Statistics (DANE) released data on industrial production growth in 2016 compared to 2015. The fuel and refining sector reported the largest increase.

Many opinions have come out after the decision of the Ministry of Mines and Energy (MinMinas) to reduce the gas surcharge. German Arce, MinMinas, explained his rational.

A report in La República shows the price per cubic meter (m³) that Colombians pay in each department. Servicio Públicos y Gas S.A., a small company located in Tolima, surpasses over three times some other companies in the same department.

Colombia is not an oil country but depends on it economically. The nation’s exports have fallen for four consecutive years because of the oil crisis. In recent months, this item reported growth, again thanks to oil.

Fuel prices started the year with an increase because of the tax reform that added a new tax. The determination of prices is an issue that provokes protests and blockades in the country.

The Colombian press revealed an investigation with the names of those who, during negotiations with Glencore, approved the entry of CB&I as Reficar’s construction engineering firm.

We use weekly closing oil prices in our database so, for our purposes, January ‘ended’ last Friday. Prices were essentially flat but the graph shows that traders are deeply suspicious about where they are going in the medium and long-term.

According to the National Statistics Department (DANE), fuel imports fell during the January-November period of last year. Total imports also decreased. Colombian total imports were US$40.8B in 2016.

Gilson Ribeiro, Manager of Chevron’s (NYSE: CVX) Fuels and Lubricants for Colombia and Central America said the Colombian fuel market has not seen big changes like the ones that are coming now that ExxonMobil (NYSE:XOM) is leaving the country after 50 or 60 years.