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Concerns in the private sector are growing because of recent popular referendums against mining and oil projects in the country. Several municipalities have announced their intention to carry out popular consultations that could affect the development of the mining and oil sector.

Colombia is not an oil country, but the crude industry is one of the most important for the economy. The Superintendent of Companies published a report of the companies with the highest operational revenues in 2016 and oil companies stand out in this list.

The Colombian Petroleum Institute (ICP) is the main research center of the industry in the country. ICP announced investments to support Ecopetrol’s 2017-2020 business plan (NYSE: EC).

Ecopetrol (NYSE: EC) wants to start recovering the reserves lost because of the oil crisis and low exploration in recent years. The company has high expectations for two wells.

As of August, the NOC’s tanker trucks will not be able to enter directly into the city and Ecopetrol (NYSE: EC) will have to search for an alternative route.

Ecopetrol (NYSE: EC) announced progress at the Bioenergy plant, the largest ethanol production complex in the country. The company said the ethanol-marketing phase began.

The oil industry is facing difficult times, but this sector has an important role in the Colombian economy and in the State’s income. Ecopetrol (NYSE: EC), the main player in this industry, is vital to Colombian finances.

Despite assurances that Reficar is now “practically” online, refining volume dropped at the NOC’s flagship facility for the second straight quarter.

The popular consultation that will determine whether citizens of Cumaral (Meta) approve oil activities in their territory or not, will take place on July 4^th. Ecopetrol’s (NYSE:EC) president went to the municipality to defend the NOC’s position on the matter.

There is optimism about the sector’s performance this year. Oil companies announced good financial and operational resultsduring 1Q17, and Colombian authorities hope to see better results in coming quarters.