In a statement that no doubt drove the stock price down even further, President Gustavo Petro announced that Colombia’s state oil company, Ecopetrol, is at risk of collapse.
Just days before the official announcement of former Environment Minister Irene Vélez Torres as the new director of Colombia’s National Environmental Licensing Authority (ANLA), a quiet but significant change took place.
The Financial Information and Analysis Unit (UIAF) of Colombia initiated an investigation into the assets of several current and former executives of Hocol, a subsidiary of Ecopetrol, following allegations of financial irregularities related to gas contracts signed in 2021.
In a historic turn, remittances to Colombia have officially overtaken oil exports as the country’s leading source of foreign currency, marking a fundamental shift in the nation’s external income structure.
The recent announcement by Shell to withdraw from key gas exploration projects in Colombia has sparked serious concerns among energy experts and former government officials.
Ecopetrol (NYSE: EC) announced that Colombia’s Ministry of Finance (MinHacienda) authorized the company to secure a US$500M external loan with Banco Santander.
2025, Hydrocarbons Colombia, All Rights Reserved.
