With US$6B in 2013 sales, gasoline retailer Terpel is the second largest company in Colombia by sales after Ecopetrol (NYSE:EC). It is in the middle of a transformation both of its gas stations and its corporate structure.
The General Manager of Llanopetrol, Ricardo Rodríguez Henao, sees a rapid timetable for the Meta micro-refinery project.
The Colombian Federation of Bio-fuels (Fedebiocombustibles) published an analysis criticizing government policies that favor hydrocarbons because they look like they were formulated to benefit Ecopetrol (NYSE:EC) and its goals, rather than explore other alternatives like bio-fuels.
The Ministry of Mines and Energy (MinMinas) released fuel prices for the month of June and immediately tried to counter skeptics that would question why the public price of fuel has stayed the same in an election season.
Rainfalls have fell short of expectations to keep hydro-energy on at full, but authorities say that the energy is well shielded against issues that could cause supply shortages, mainly due to a strong supply of gas. However generators do not want to see gas exports to Venezuela resume just yet.
The earnings statement of Ecopetrol (NYSE:EC) confirmed that the Asian market and Far East is now well installed as the prime receiving market for Colombian crude, and the Ministry of Mines and Energy says the trend is true for the mining industry as well.
Fuel prices dropped in May as the Ministry of Mines and Energy adjusts its formula to set them, while the issue continues to gain traction on different fronts.
In order for Colombia to achieve self- sufficiency for its own oil supply, an important and dramatic discovery of reserves must happen this decade, otherwise keeping along current trends the reserves logged would not supply the country past 2018, according to a government report.
An innocent question – are there official forecasts of natural gas production? – led to an interesting discussion of the definition of ‘production’ at least as used by industry in Colombia.
The government has received substantial political pressure to lower fuel prices, but Ecopetrol (NYSE:EC) says it will continue to produce fuels despite a price that cuts into their margins and in turn, their ability to invest.
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