The Ministry of Finance (MinHacienda) is preparing to issue treasury bonds worth CoP$853.177B (US$294.4M) to cover financial obligations with the Fuel Price Stabilization Fund (FEPC), in an operation that has some analysts scratching their heads.
Accusations of unfair competition, of a monopoly and aggressive tactics against family-owned fuel stations have made press, with a particular emphasis on Terpel, which critics say has crossed a line as a wholesaler and retailer.
The National Hydrocarbons Agency (ANH) has been willing to negotiate contract terms of E&P contracts as one of the benefits delivered to the industry due to the fall of oil prices. But rarely do these agreements get released to the public. A recent agreement made with Interoil over COR-6 gives us a small window into this process.
Residents of Pasacaballos, located in the area of influence of the Cartagena Refinery (Reficar) have appealed the rejection of a local judge to the Supreme Court of Justice to receive an injunction against Reficar for not respecting their right to a prior consultation.
Government and Farc negotiators announced on Wednesday that an agreement had been reached on a bilateral and definitive cease fire. President Juan Manuel Santos and other heads of states gathered in Havana today (Thursday, June 23) to sign the agreement.
The Minister of Mines and Energy (MinMinas) Germán Arce confirmed that the ministry is open to studying a proposal from the truckers association to lower the price of diesel, as a trucker strike drags on since the beginning of the month.
Claudia González Hernández, the interim director of the National Agency of Environmental Licenses (ANLA) insists that the entity is merely enforcing the standards and norms as stipulated by law, and that it is not responsible for any drop in investment in projects.
The National Planning Department (DNP) said that it has suspended, if only temporarily, royalty payments to 124 municipalities in 24 departments for not meeting the deadlines to notify authorities of the advances and current state of projects funded with royalty money. This and other royalty related stories in our periodic summary.
Rubén Darío Lizarralde, president of the Colombian Chamber of Oil Goods and Services (Campetrol) warned that the Constitutional Court’s recent decisions amount to “a direct attack against the sector and against foreign investment and the productivity of the country”.
The Finance Minister Mauricio Cárdenas said that the government does not expect to receive any income from oil industry profits in 2016, and instead will likely face CoP$800B (US$265.4M) in returned taxes for oil companies.
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