In the wake of the restructuring process initiated on September 8, 2023, by CB&I UK Limited, a subsidiary of McDermott International Ltd., in the UK, Refinería de Cartagena (Reficar), a subsidiary of Ecopetrol (NYSE: EC), received notification of a UK court’s decision approving CB&I’s financial restructuring plan.
The company, MinHacienda and those sympathetic to the government quickly blamed Ecopetrol’s 43% drop in Net Income in 2023 on oil prices. Petro attributed it to the end of fossil fuels. The opposition blamed government mismanagement. Who is right or perhaps, what is the right balance between the various partial explanations?
Ricardo Roa, President of Ecopetrol (NYSE: EC), reiterated concerns about Colombia’s short-term gas deficit and discussed potential solutions, including the possibility of importing gas from Venezuela.
Ecopetrol (NYSE: EC) is gearing up for a new venture to further explore the natural gas potential in the Caribbean Sea.
Ecopetrol (NYSE: EC) and the Bucaramanga Chamber of Commerce are set to construct Colombia’s inaugural digital innovation lab in Bucaramanga.
Downstream companies continue their expansion and improvement plans for their service stations.
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