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Colombia’s economy is now receiving more money from its citizens abroad than from its traditional export giants.

What was expected to be one of the largest private contracts of the year for Ocensa, a key subsidiary of Grupo Ecopetrol, came to a dramatic halt on October 28, just five minutes before the bidding deadline.

Ecopetrol (NYSE: EC) President Ricardo Roa announced that the company is nearing financial closure on two of its most important natural gas infrastructure projects: the Buenaventura and Coveñas regasification terminals. Both are seen as key components of Colombia’s energy transition strategy and its efforts to secure long-term gas supply.

Colombia’s midstream operator Cenit, a subsidiary of Ecopetrol (NNYSE: EC), is preparing to take on a larger role in the country’s energy transition and supply strategy,  from importing natural gas, fuels, and crude oil at its Coveñas terminal to repurposing Tumaco’s maritime infrastructure after the suspension of the Transandino pipeline.

In a move that could reshape Colombia’s energy future, Ecopetrol (NYSE: ECP) and Petrobras (NYSE: PBR) have announced a joint marketing agreement for the early commercialization of gas from Sirius, one of the country’s most promising offshore discoveries in the Caribbean.

Fitch Ratings has reaffirmed Ecopetrol’s (NYSE: ECP) AAA national credit rating with a stable outlook but issued a stark warning: Colombia’s state oil giant could face a downgrade if financial, operational, or political risks intensify.