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Last Friday, January 18, 2013 MinMinas Federico Renjifo toured Meta speaking with local inhabitants, mayors and visiting Ecopetrol projects. We thought it interesting very relevant for its comments on environmental and community management. From a MinMinas press release, translated and with commentary by Hydrocarbons Colombia.

Finance Minister (MinHacienda) Mauricio Cardenas spoke to the Morgan stanley Latin America Executive Conference in Miami, recapping the country’s macroeconomic progress over the past years. From a MinHacienda press release, translated and with commentary by Hydrocarbons Colombia.

The Territorial Development Finance company (Findeter) is an autonomous corporation reporting to Colombia’s Minister of Finance (MinHacienda). It can raise its own debt (which has a sovereign rating) and receives deposits from government agencies. It then lends this money to municipalities, departments (states) and other entities providing low-cost financing for infrastructure and development projects. The company recently announced its budget for next year. From a Findeter press release, translated and with commentary by Hydrocarbons Colombia.

President Santos announced that pending royalties resources will be disbursed in February. The OCAD last year approved CoP$2.1T (US$1.4B) for projects and, according to Santos, “These resources will continue disbursement. Next month all those resources will be disbursed “(as quoted in national business newspaper La Republica).

Alan Jara, Governor of Meta, told El Espectador more about the refinery that will begin construction this year in Meta. According Jara, the project is expected to be completed in late 2015. The refinery construction is in charge of the Llaso Company, managed by Ricardo Rodriguez. Llaso emerged from the partnership between the U.S. Company Solver Structural Partnership and Petroleos del Llano, created by the Government of the Meta in 2012.

According to a Central Bank report, the the oil, mining and quarrying sector accounted for over half of Foreign Direct Investment (FDI) in Colombia between January and September 2012. The commerce and hotels sector accounted for 9% while transport and communications accounted for 10% of FDI. The FDI for electricity, gas and water was 5% and 10% for manufacturing. Meanwhile, other sectors contributed 12% of the FDI.

For at least one day in 2012, the country achieved the goal of 1Mbd. From a MinMinas press release, translated and with comments

The Colombian Ministry of Mines and Energy provided a year-end summary, highlighting some of the records achieved in 2012. From a MinMinas press release, selected, translated and with commentary by Hydrocarbons Colombia.

On the evening of December 19th, the Colombian Congress passed a comprehensive tax reform. It is intended to be revenue neutral – neither increase nor decrease government revenues – although this is always a theoretical calculation. The intention was to reduce inequality by lowering taxes on the middle class through raising the threshold below which individuals do not pay income tax. This was compensated by raising taxes rates above the threshold and by slightly higher corporate taxes (1% higher). However the hydrocarbons industry dodged several bullets aimed by at it by congressman Simon Gaviria.

Caracol Radio reports that in the sector’s “Rendering of Accounts”, Minminas Federico Renjifo referred to 2012’s oil production delays. According to Renjifo: “Although there have been days we’ve been above 980,000 barrels and production for over a million barrels is achievable, sometimes we have had problems in pipelines, we have had licensing issues, but the number of barrels produced surpass 980,000 barrels on some days”.