A pending wave of privatizations, and not just municipal utility ETB or Ecopetrol (NYSE:EC), is under way, warns the USO after joining another organization which is planning a string of protests to stop this alleged plot.
Editor’s Note: This was sent to us because we are on ACIPET’s press release distribution. When we started to read it, we thought it was tutorial material, a kind of Petroleum 101.
The rally in oil prices continues. Prices have risen now for three successive months in the case of WTI and four in the case of Brent. It has been difficult to break US$50 but we think traders are beginning to believe in this number.
Colombia’s Central Bank released Foreign Direct Investment (FDI) and related figures for 2015 and the 1Q2016, showing a drop in both investment received and the profits obtained locally due to these investments, although some other sectors show signs of recovery.
Senator Fernando Araújo pointed out the benefits that the modernized Cartagena Refinery (Reficar) has contributed and will bring to the local community, and called for specific investments to mitigate faulty infrastructure in the nearby communities.
Juan Carlos Echeverry, Ecopetrol’s (NYSE:E) president, said in an interview that the NOC has been going through a deep cultural change prompted by the fall in oil prices. Local hiring, community relations, the ability to “sacrifice barrels” and environmental matters are some of the areas affected.
2025, Hydrocarbons Colombia, All Rights Reserved.
