ACP as a source of information
Source: BLU Radio – National
Date: June 18
Source: rumbominero.com – National
Date: June 18
Headline: Primax, with its sights set on Petrobras stations in Colombia
A movement in the wholesale fuel distribution market in the country could occur in the coming weeks. (…) Thus, this market is concentrated in four large companies that handle more than 90% of the supply of gasoline, acpm (diesel), and jet fuel. In addition to the subsidiary of the Romero Group, Terpel, Biomax, and Chevron (Texaco) are part of the pie, along with retail companies that do not exceed 6% of the business. “This sector represents 11% of the national GDP and is what drives Colombia, supplying the fuels it needs for the mobilization of people, transportation of goods, the operation of industries, agriculture, among others; that is why we see these signs of recovery recorded and the forecasts for what remains of the year with optimism,” said Francisco José Lloreda Mera, executive president of the Colombian Petroleum Association (ACP).
GREMIO
Source: La República
Date: June 19
Headline: The AFPs have made net purchases of 1.42 trillion in the BVC
Stock markets around the world are undergoing a gradual recovery process, which, while a positive symptom for the economy, does not mean that investors should let their guard down. Juan Pablo Córdoba, president of the Colombian Stock Exchange (BVC), explained that “this process will be filled with uncertainty and risk due to the threat of pandemic resurgences, which can affect the economy.” (…) Among the most traded stocks during May, the preferred stock of Aval ranked first with 1.598.528 million, followed by the preferred stock of Bancolombia which moved 1.470.557 million and Ecopetrol with 331.712 million.
Source: Portafolio
Date: June 19
Headline: The fiscal rule: navigating without a compass
The Advisory Committee of the Fiscal Rule (CCRF) approved the request from the Ministry of Finance to suspend the Fiscal Rule during 2020 and 2021, arguing that it needs more flexibility to face the current economic crisis. (…) While the challenges this year are great, the fiscal situation will remain very complex in 2021, mainly because the contribution from the oil sector would be practically nil, so the Government would stop receiving income from dividends from Ecopetrol and income taxes from companies in the sector, which in 2020 exceeded 1.51% of GDP. With the Fiscal Rule suspended, there is no guidance on the path that government debt and deficit will take next year. If no actions are taken to begin the adjustment, debt could reach 63% of GDP in 2020 and exceed 67% in 2021.
Source: El Nuevo Siglo
Date: June 19
Headline: Quarantine in Campo Rubiales
A preventive plan to avoid a massive spread of contagion and provide protection to its workers was designed by Ecopetrol in response to the arrival of the coronavirus in Campo Rubiales, Puerto Gaitán. Bernardo Forero, operations manager of Ecopetrol there, indicated that to date more than 4,200 molecular tests have been conducted on its collaborators, with which it was possible to identify that three of them (contractors) tested positive. One more who had tested positive in the retest came out negative. «The preventive plan allows for early detection of Covid-19 and protects workers (...) Everyone is tested before entering the field,» he said.
Source: Vanguardia Liberal
Date: June 19
Headline: With 94% of local labor, a plant shutdown will be carried out.
The Barrancabermeja refinery is gradually starting to recover its production capacity, to the point that fuel loading increased by 36 barrels per day last month. There will be a new shutdown this weekend. Of the 252 workers who will participate from this weekend in the reactivation of the Prime Gasoline hydrotreater unit at the Barrancabermeja refinery, 94% will be local labor. This was reported by Ecopetrol, while explaining that with the start of these works, progress is being made towards delivering cleaner fuels to the country. (...) The oil reactivation at the Barrancabermeja refinery has allowed, according to Ecopetrol, to respond to the demand for fuels in the interior of the country, to the point that in the last month the company increased its load from 140,000 to 176,000 barrels per day.
Source: La Opinión
Date: June 19
Headline: Community boards restart contracts with Ecopetrol in Tibú.
Ecopetrol reported that in Tibú three Community Action Boards are restarting maintenance contracts for green areas in the production well facilities, transfer lines, and stations in Campo Tibú under strict biosecurity measures to prevent the spread of COVID-19. In this way, nearly 20 job opportunities were reactivated under the contracts with the JACs of the Refinería, Vegas de Río Nuevo, and Socuavó Norte neighborhoods, which will maintain more than 2,250,000 square meters of green areas.
Source: El Frente
Date: June 19
Headline: 2,800 face shields were delivered for all medical personnel.
A total of 2,800 reusable biosecurity face shields were distributed among the healthcare staff of the Magdalena Medio Hospital and in the E.S.E. Barrancabermeja by the District Mayor's Office and Ecopetrol. The strategic alliance, to address the needs generated by Covid-19, between the District Mayor's Office and Ecopetrol allowed for the delivery of a total of 2,800 polyethylene face shields for health personnel in this Special District during the course of this week. The distribution was made at a rate of 2,400 units for the regional hospital and 400 for the ESE Barrancabermeja, which will help protect the health and lives of all Barranqueños, especially the medical and health personnel.
Source: laguajirahoy.com
Date: June 19
Headline: Reviving the past.
Among the curious anecdotes of our apathy and indifference, I bring up that of Horacio Serpa Uribe, who in a degrading act, while being president of the Accusations Commission of the House of Representatives, requests that the Councilors of Riohacha be «judged for treason to the homeland.» (...) f) That when the removal of the prominent Santander citizen Mario Galán Gómez as manager of Ecopetrol occurred, by an Antioquian citizen, the people of Santander protested with just reasons against this governmental act, considering that this position had traditionally been held by illustrious Santander leaders since ancient times, given that Colombia's oil wealth constituted the property of those lands, and the coastal people never opposed these reasonable claims nor labeled their political, union, and business leaders as «traitors to the homeland.».
Topics
Source: La República
Date: June 19
Headline: The dollar reached $3.760 amid greater risk aversion and market fears.
The price of the dollar rose $11.18 yesterday and was quoted at an average of $3,760.21, confirming a stable behavior over the last week, as it was at $3,758.15 last Friday, June 11. However, investors increased their caution and preference for safe assets due to a new risk aversion sentiment generated by another wave of covid-19 infections in the United States and China, a situation that threatens to halt the reactivation of the global economy. (…) Meanwhile, oil prices recorded a recovery after two days of losses. According to the latest Reuters closing, the Brent barrel, a reference for the Colombian market, rose 1.97%, to US$41.51, while WTI increased 2.32%, to US$38.84.
Source: La República
Date: June 19
Headline: So far this year, the economy has contracted 4.3% due to the crisis.
The National Administrative Department of Statistics (Dane) revealed that in April the Economic Tracking Index (ISE) decreased 20.06%, representing the highest drop since 2005, the year the historical series began. According to this thermometer of productive activities, the economy has recorded a contraction of 4.3% this year. (…) On the other hand, it added that, in the case of mining and quarrying, there was a decrease of -29.6%. This, it said, was driven by declines in coal production and the drop in oil production and exploitation.
Source: Portafolio
Date: June 19
Headline: From pessimism to optimism. By: Hernán Avendaño Cruz
The recent update of the OECD's “Economic Outlook” is more pessimistic in its projection of Colombia's GDP for 2020 than the consensus of private analysts: -6.1% and -4.0%, respectively. In contrast, for 2021 it is more optimistic about the expected recovery (4.3% and 3.7%). The OECD includes a scenario in which social indiscipline could worsen the crisis, which would materialize in a ‘second wave’ of the pandemic; in that situation, GDP would fall -7.9% this year and would barely grow 2.8% next year. (…) Oil prices hover around US$40 per barrel and the contenders in that war have already understood the absurdity of letting prices plummet. The consumer confidence index did not continue to fall and reflects optimism among households about the economic situation in the next 12 months.
Source: El Nuevo Siglo
Date: June 19
Headline: Off The Record. Focus on gasoline
As this Section reported weeks ago, the gasoline shortage in the border area with Venezuela, due to the low availability of fuel in the neighboring nation, also impacts drug trafficking, especially in the Catatumbo area. The UN report indicated that «… there has been a reported shortage of gasoline that previously arrived smuggled from Venezuela, a necessary raw material for the cocaine production process.» Precisely for this reason, according to EL NUEVO SIGLO, there is scrutiny in the border departments regarding gasoline contingents to prevent them from being diverted to drug laboratories.
Institutional
Source: La República
Date: June 19
Headline: New director appointed at Upme
As LR had stated a couple of months ago, the Ministry of Mines and Energy appointed Christian Rafael Jaramillo Herrera as director of the Mining and Energy Planning Unit (Upme). The official is a graduate of the Universidad de los Andes and holds a master's and doctorate in Economics from the University of Michigan. He has research experience as a professor and has published in academic journals on taxation issues.
Source: Portafolio
Date: June 19
Headline: April was a disastrous period for the Colombian economy.
April 2020 will go down in history as one of the most difficult and dramatic months for the country. According to the Economic Tracking Index (ISE) prepared monthly by Dane, GDP -the most important indicator of the national productive sector- plummeted 20.061% compared to the same period in 2019. (…) As of May 15, the oil fields in the national territory were pumping around 700,000 barrels per day (bpd), meaning that more than 190,000 bpd have not been extracted compared to what was produced in May 2019 -which was just over 894,000 bpd-. 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 crude pumping was already at 769,000 bpd. (…) Records from the Ministry of Mines and Energy indicate that, so far this year and as of April 29, the average daily demand for fuels decreased by 41.1% for regular motor gasoline and 30.1% for diesel.
Colombian Association of Oil and Gas