Colombia’s gas industry is moving towards an open market instead of using an auction system as a way to lower gas prices at the wholesale level. The full supply offer is set to delivered to the industry this week and the negotiation phase will start on September 30.
The new mines and energy (MinMinas) minister Amylkar Acosta has arrived to a particular dilemma beyond the strikes and protests, as the ministry is facing a 16% cut in its 2014 budget.
We published a similar article a few weeks ago. Unfortunately our data analysis suffered a technical problem that produced inappropriate conclusions. We apologize for any misunderstanding. Here is the completely revised and corrected data.
MinMinas Amylkar Acosta has named Ricardo Rodríguez Yee as Vice Minister of Energy replacing Orlando Cabrales who goes back to the National Hydrocarbons Agency (ANH) replacing Germán Arce, who – as of writing – leaves the government.
Colombians might be paying at the pump, but Colombia’s Mines and Energy Minister Amylkar Acosta says the country cannot afford to put Ecopetrol’s (NYSE:EC) financial stability at risk, and that as long as crude prices remain high, gas will follow.
Colombia scored high marks for the competitiveness of its energy sector according to two international studies which also took into account access to energy and how compatible energy policies are with environmental challenges.
Opponents of the General Royalty System (SGR) got a legal victory after Colombia’s constitutional court accepted the arguments of Senator Juan Lozano that the new system is part of a centralist vision, which is prohibited by the current constitution.
UPDATED — Colombia’s Supreme Court has ruled the current pricing scheme in which the presidential administration smooths prices is unconstitutional. Instead any mechanism should fall to congress. Meanwhile the Liberal Party pushes the new mines and energy minister to study a decrease in fuel prices.
Amylkar Acosta has been named to head the Ministry of Mines and Energy (MinMinas) but just before his appointment he laid bare his views on the energy and mining boom and its consequences in a thorough interview.
In order to combat illegal fuel sales of Venezuelan fuel in Colombian territory, Venezuelan authorities have agreed to increase fuel prices and restart sales along the common border in La Guajira Department.
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