ACP as a source of information

Source: Portafolio – National
Date: May 29
Headline: Crude oil production fell to 700,000 barrels per day

The downward variation in the international price of crude oil and the COVID-19 pandemic are taking a heavy toll on the country's oil production. (…) The drop in national oil production is striking, as based on the daily extraction figures recorded by the National Hydrocarbons Agency (ANH), as of April 30, the pumping of crude was already at 769,000 bpd. (…) For his part, Francisco José Lloreda, president of the Colombian Petroleum Association (ACP), emphasized that the collapse in production occurred not only earlier than expected but also in greater volume. “A drop of more than 180,000 bpd is not only very serious for the country but also reflects the deep crisis in the sector, especially for private companies. And it shows that while important measures have been taken to avert the crisis, we must do more,” said the union leader. (…) “Sadly, we will see the exit of many independent companies from the sector due to this situation, which inevitably leads to greater consolidation of the Colombian oil market under Ecopetrol,” said Arboleda. It was reported in: portafolio.co (May 29), buenaventuraenlinea.com (May 29).

---

Source: las2orillas.co – National

Author: Daniel Hawkins
Date: May 28
Headline: With face I win, but with seal I also win

Opinion column on the behavior and positions taken by the National Business Council in the context of the COVID-19 pandemic in Colombia. (…) In Colombia, some guilds so accustomed to having everything their way only understand the notion of opportunity; for them, danger can always be shifted to the shoulders of others; an action that characterizes the National Business Council (CGN), an entity that groups 21 of the most important and prosperous business associations in the country “National Association of Entrepreneurs of Colombia (ANDI), Asobancaria, Colombian Mining Association, Colombian Petroleum Association (ACP), Andesco, Society of Farmers of Colombia (SAC), Colombian Chamber of Infrastructure, Fedegan, Fenalco, among others,” which consolidates approximately 60% of Colombian GDP and which, it is said, puts and removes the presidents of the country. The CGN is not foreign to the design of controversial proposals for the country's public policies; for 2018 it launched its guide for the new government of Iván Duque, where it proposed, among many others: the sale of a part of the shares of Ecopetrol; the reduction of corporate income tax by 5% (from 33% to 28% nominal rate)… It was reported in: ails.ens.org.co (May 28).

GREMIO

---

Source: El Tiempo
Date: May 29
Headline: Lone ranger in economic emergency. By Sergio Clavijo

As May began, the Government announced the second phase of the economic emergency caused by the pandemic. The support package for our battered economy has doubled so far this year and now approaches 6 percent of GDP. (…) Initially, it was thought that a 10 percent divestment of Ecopetrol's shares could contribute up to 10 billion dollars (almost 3 percent of the GDP at the time). This was possible in 2018-2019, when international prices were recovering and had managed to average 65-70 dollars per barrel/Brent compared to 45 dollars in 2016-2017. But, strangely, the bulk of the Government and even the Business Council expressed a “resounding no” to such a sound initiative from the Ministry of Finance. Only a handful of analysts illustrated the benefits of such a timely proposal.

---

Source: Portafolio
Date: May 29
Headline: Dollar retreats to March price

A less pessimistic sentiment about the behavior of the global economy amid the crisis generated by the coronavirus pandemic and a greater appetite for risk has generated interest from international investors in currencies like the peso, which has led to its appreciation against the dollar in recent days. (…) The economic analyst adds that monetizations are also being presented by the Government in terms of borrowing, and in the case of Ecopetrol, the company made a bond placement of US$2.000 million and also took an additional loan exceeding US$300 million.

---

Source: Vanguardia Liberal
Date: May 29
Headline: HIC analyzes molecular tests for COVID-19 detection

The Molecular Biology Laboratory of the International Hospital of Colombia received approval from the National Institute of Health to process RT-PCR tests for COVID-19 diagnosis. There, up to 200 molecular tests would be processed daily. However, Norma Serrano Díaz, the laboratory director, explained that they will start “with a processing capacity of 24 samples daily during this first week. By the end of the first month of work, we will have a capacity of 100 samples daily and expect to reach 200 starting the second month.” (…) At this moment, according to the Departmental Health Secretariat, molecular tests are being processed at the UIS Laboratory in partnership with the Departmental Public Health Laboratory, and other laboratories such as Higuera Escalante, the Ismael Darío Rincón Polyclinic of Ecopetrol, and Idime are also enabled.

---

Topics

---

Source: El Nuevo Siglo
Date: May 29
Headline: Venezuela escorts Iranian oil

The Venezuelan Navy has reported that it has escorted the fourth of five ships coming from Iran that are expected to arrive in the country with fuel and derived materials to process gasoline in the South American country.

---

Source: El Universal
Date: May 29
Headline: For the Caribbean, $4.4 billion from the General System of Royalties approved in 20 months

For the departments of the Caribbean Region – Atlántico, Bolívar, Cesar, Córdoba, La Guajira, Magdalena, Sucre, and San Andrés, Providencia, and Santa Catalina – $4.4 billion from the General System of Royalties was approved, aimed at financing 1,314 high-impact social projects, such as roads, sports infrastructure, aqueducts, sewage, education, and prevention and adaptation to climate change, mainly. These appropriations, which are part of the royalty funds from the exploitation of non-renewable natural resources, such as oil, gas, and minerals, were approved from August 7, 2018, to date.

---

Source: El Frente
Date: May 29
Headline: Colombia's finances will end up exhausted amid the pandemic

It is impossible to quantify the economic cost of the universal pandemic that touched the heart of Colombia, causing terrible consequences for the country's finances, which were in full recovery. It was believed that this year we would achieve an economic growth of 3.51%, much higher than that of other Latin American countries, which at that time were showing negative signs, such as Venezuela and Brazil. Until February of this year, the government of President Iván Duque Márquez radiated optimism due to the growth of oil exports that were at a very good price, along with coffee and cocoa exports, with the surprising influx of foreign currency from drug trafficking laundries, which also have undeniable effects on the country's monetary flow.

---

Institutional

---

Source: Portafolio
Date: May 29
Headline: The promising future of the BMC

In its more than 40 years of history, the Colombian Mercantile Exchange (BMC) has established itself as a reliable ally for the growth of companies and the development of markets in multiple sectors of the economy. (…) Last but not least, Creg, the Ministry of Mines and Energy, and the agents of the energy markets have our permanent attention. We are managers of the gas market, and we take this responsibility very seriously and fulfill our obligations, aiming to be a source of truthful, objective, and independent information. (…) The Mercantile Exchange has already made a significant contribution by becoming the Manager of the Natural Gas Market (2015), a completely new figure for the entity, the country, and the market agents; being a reference in consolidating the information of the wholesale market of the mentioned sector.

---

Source: virtualpro.co
Date: May 28
Headline: Rethinking energy policy, a priority

UN News Agency | What is happening with the pandemic is a breath that has allowed the world to make a deep reflection on life that goes beyond food and employment. (…) Colombia is a country with oil, but not an oil country; this resource represents between 5% and 7% of the gross domestic product (GDP) and contributes each year to the national budget between 8% and 12% depending on its price. Since the early 2000s, Ecopetrol has established itself as an industrial and commercial company of mixed nature with 12% private participation and 88% from the State; this has allowed the country to have a more efficient and competitive company, although it still has much to improve. (…) This would be a quite feasible scenario from a practical perspective; in the last energy auction proposed by the Ministry of Mines and Energy, offers for solar and wind energy of around 2,000 megawatts were presented, which would represent a jump from less than 1% to 12.5% of installed capacity, a goal that in Europe would take 20 years or more, and that shows the country's potential in these sources.