Ecopetrol (NYSE:EC) invested CoP$1.3T (US$645M) in environmental projects during 2013, which it says is the highest amount dedicated to these ends in the last eight years.
The growing demand for diesel and Colombia’s environmental requirements for the fuel, paired with a limited internal capacity of Ecopetrol (NYSE:EC) to produce this fuel could mean an increase of imports of the fuel by 7.4% in 2014.
The USO has said that it has presented a new list of terms to Ecopetrol (NYSE:EC) which surround a number of policy changes and increased benefits, stances on several environmental issues, and will hold a vote among USO affiliated workers with the NOC on April 25, 2014, in order to demand a new collective bargaining agreement.
Lately Ecopetrol has received much criticism for the slowness of refinery upgrades in Cartagena and Barrancabermeja. The harder question may be why it is investing at all in this business.
Colombian senator Jaíme Durán of the Liberal party has called on the leadership of Ecopetrol (NYSE:EC) to explain to the country in detail why the Barrancabermeja project continues to suffer delays.
Company officials held a call to discuss the end of year 2013 results and convince the market that its continued growth over the last five years is sustainable going forward despite operational complexities.
Ecopetrol (NYSE:EC) saw its production grow 4.5% in full year 2013 to reach 788.2mboed, a number which the NOC said suffered due to transport restrictions and blockades in some communities. The company’s net income fell in the same period by 10.8% to CoP$13.35T.
The continued conflicts in the municipality of Acacias and Castilla La Nueva have led to blockades, riots with police and now Ecopetrol (NYSE:EC) has terminated 45 contracts associated with projects in the area.
The Arbitration Tribunal of Bogotá’s Chamber of Commerce sided with Ecopetrol in a prolonged dispute over the formula used to figure payments received from Pacific Rubiales (TSX:PRE) in the Quifa field.
Venezuela’s Minister of Oil and Mining Rafael Ramírez says he is certain that Venezuela will stop buying natural gas from Colombia in August of this year and is nearly ready to start sending gas to Colombia as had been previously agreed.
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