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.
Senate President Luis Fernando Velasco accused the government of charging illegal taxes in its fuel price formula even after they were struck down by a Constitutional Court ruling and alleged citizens are essentially subsidizing Ecopetrol (NYSE:EC).
A question from a subscriber – what is Colombia’s internal demand for crude? – provoked a top-of-mind answer, which is often not the correct answer. We were close but the graph shows the big numbers and the trend.
Attacks by the ELN guerrilla on the Coveñas/Caño Limon pipeline have rendered US$20B in damage to the oil infrastructure and another US$20B in environmental damage in the last 28 years, according to data released by Colombia’s Attorney General’s office.
An urgent agreement is needed to reactivate the oil industry. Colombia might have potential for oil, but it is not an oil country. This must be taken into account when forming competitive strategies to attract investment, said Juan Carlos Rodríguez Esparza, president of the Colombian Oil Engineers Association (ACIPET).
The National Agency of Environmental Licenses (ANLA) will be headed up by one of its current functionaries, Claudia Victoria González, after a previous candidate named by the Minister of Environment Luis Gilberto Murillo was ruled out, leading to public tensions.
2026, Hydrocarbons Colombia, All Rights Reserved.
