ACP as a source of information
Source: La República – Bogotá
Date: May 19
Headline: They ask not to approve the ‘clean slate’ project’
The National Business Council (CGN) reported that 26 of its 27 members, except for Acopi, remain concerned and warn of the adverse effects that the initiative currently in Congress would generate for the national economy and for citizens, which aims to modify the current data protection regime (known as the ‘clean slate’), established in Law 1266 of 2008. (…) The communication was signed by Acolfa, Acm, Acp, Acoplásticos, Analdex, Anato, Andi, Andesco, Asobancaria, Asocaña, Asocolflores, Asofiduciarias, Asofondos, Asomovil, Camacol, Colombian Chamber of Infrastructure, Colfecar, Confecámaras, Cotelco, Fasecolda, Fedegan, Fedepalma, Fenalco, Fenavi, Naturgas, Sac. It was reported in:larepublica.co (May 19).
Source: El Informador – Regional
Date: May 19
Headline: Oil shock. By: María del Rosario Guerra
The arrival of Covid-19 in Colombia and the abrupt drop in oil prices plunged our economy into an unexpected crisis, especially when in 2019 the country achieved a growth of 3.31%, the highest since 2014, a clear evidence that the country regained its course and achieved a solid economy, an example for the region. But let's talk about the oil industry, which has been severely affected, not only by the drop in international crude prices, which in March saw Brent at US$17 per barrel when in January it reached US$68, but also by the drastic drop of 30% in global oil demand. (…) On the other hand, this market uncertainty generates a decrease in production, making it difficult for Ecopetrol, which had estimated to produce between 745,000 and 760,000 barrels of oil per day, to meet its goal, especially when only 8 of the 52 main plants are active. According to the ACP, if this scenario continues, by December the drop in direct employment generated by the sector could be 81%. elinformador.com.co (May 19).
Source: elheraldo.co – Regional
Date: May 18
Headline: National Business Council expresses concern over modification of data protection regime
The National Business Council expressed its concern and warning about the “adverse effects” that could arise for the national economy and for citizens from the modification of the current data protection regime established in Law 1266 of 2008. The statement directed to the public was signed by 26 of the 27 members that make up the National Business Council. The exception was the Colombian Association of Micro, Small and Medium Enterprises (Acopi). (…) The document contains the signatures of Acolfa, Colombian Mining Association (ACM), Colombian Petroleum Association (ACP), Acoplásticos, Analdex, Anato, Andi, Andesco, Asobancaria, Asocaña, Asocolflores, Asofiduciarias, Asofondos, Asomovil, Camacol, Colombian Chamber of Infrastructure, Colfecar, Confecámaras, Cotelco, Fasecolda, Fedegan, Fedepalma, Fenalco, Fenavi, Naturgas, Society of Farmers of Colombia (SAC). It was reported in: https://www.elpaisvallenato.com/2020/05/18/piden-al-congreso-no-aprobar-modificacion-al-regimen-de-habeas-data/+&cd=1&hl=es-419&ct=clnk&gl=co«>elpaisvallenato.co (May 18).
GREMIO
Source: Portafolio
Date: May 19
Headline: Companies adjust their investments
One of the facets posed by the coronavirus pandemic within the framework of the economic squeeze is the reduction, postponement, cancellation, and even divestment of companies of all types. From micro to large companies have announced that in order to maintain cash and thus sustain jobs and the viability of the business, they have found it necessary to halt plans for expansion programs, hiring personnel, and even purchases, acquisitions, and mergers. (…) Companies maintain cash: Ecopetrol, Gran Tierra Energy, Chevron…
Source: El Nuevo Siglo
Date: May 19
Headline: They will not sell assets due to health emergency
A total denial was given by the Minister of Finance, Alberto Carrasquilla, regarding the possible sale of assets to finance the contingency facing the country. The minister assured that in the Government's strategy to address the health emergency due to the coronavirus, asset disposals are not contemplated. More precisely, Carrasquilla stated that «if any company from that financial holding is privatized, I will give my head for having lied to a Senator of the Republic and I do not deserve to be in the Government.» Minhacienda indicated that «privatizations are not part of the strategy, that has not been contemplated or discussed. The sales of ISA and Ecopetrol are not contemplated. That is a discussion that (in the event that it takes place) will come in normal times and must go through Congress.».
Source: El Pilón
Date: May 19
Headline: Atuesta opines. By: Alberto Atuesta Mindiola
President Duque has shown extreme benevolence to protect the elderly, he has issued a decree prohibiting those over 60 years old from going out on the street. What love for the elderly. (…) This brings to my memory a small anecdote, some time ago I worked at Ecopetrol as a general practitioner. Overnight several elderly retirees died, rumors circulated that the company Ecopetrol had given the order to formulate certain medications to kill these patients. This news spread like all gossip. For two or three months, the company's medical dispensaries were empty, elderly patients passed by for kilometers. Over time it was investigated that the cause of death was dengue. Because of this false news, Ecopetrol saved more than 10 billion in a short time.
Source: casanarenoticias.com
Date: May 19
Headline: Those deprived of liberty also received humanitarian aid
The social manager of the department, Cielo Barrera, personally led the delivery of 414 hygiene kits, aimed at people deprived of liberty in different establishments in Casanare. Of the total mentioned, 50 of them will be directed to the Military Detention Center, 50 more for the Ariporo Peace Detention Center, and 50 for young people at the Kairos Integral Training Center. (…) She added: “none of this would be possible without the beautiful and supportive heart that characterizes us Casanareños, we are grateful to each person, Ecopetrol with its 12,000 markets and the other companies that said yes to solidarity.».
Topics
Source: El Tiempo
Date: May 19
Headline: Oil price rises
Due to optimism in demand, the price of Brent crude rose yesterday by 8.69%, above US$34. WTI had an increase of 8.12% to US$31.8, according to agencies.
Source: La República
Date: May 19
Headline: On average, analysts project that in May the dollar will close at $3.900
This week, the price of the dollar recorded its third highest daily drop of the year, with a decrease of $75.06 and an average trading of $3.851. The gradual economic reopening in Colombia and several countries with the highest infections and deaths from the pandemic (United States, Italy, and Spain) created an atmosphere of optimism among global investors. (…) Meanwhile, Oanda market analyst Edward Moya stated that the recent recovery of the Colombian peso against the dollar is also explained by the strengthening of oil in recent weeks. For this reason, along with better perceptions of crude demand for the end of May and the remainder of 2020, it is most likely that the currency will not reverse its trend. “The dollar has softened a bit and has recorded a drop against its European trading partners and other commodity currencies due to the recovery of oil and the optimism of international markets. With a large part of the United States entering reopening mode, crude demand seems to continue improving in the coming weeks,” he added.
Source: La República
Date: May 19
Headline: Leadership please. By: Carlos Ronderos
When the Minister of Finance spoke about the need for a tax reform, the president intervened saying that all government efforts would focus on addressing the present, solving day-to-day issues and the urgency of the moment. (…) How are we going to overcome the balance of payments crisis that will result from the simultaneous drop in remittances, oil prices, and foreign investment? There are undoubtedly many more questions that require answers, and those answers are what Colombians expect from presidential leadership.
Source: El Nuevo Siglo
Date: May 19
Headline: The dollar fell below $3.850 and oil prices surged yesterday
While the value of the dollar decreased significantly, the price of oil in global markets surged due to better economic prospects. Indeed, the U.S. currency decreased $77 and closed on average at $3.849 compared to last Friday's price. (…) For its part, oil prices are recovering. “Oil prices increased gains after OPEC Secretary General Mohammad Barkindo indicated that the worst of the oil crisis is over. Barkindo said all the right things: OPEC+ nations are rapidly reducing production and all options for cuts in June are on the table,» explained the firm Oanda. Oil prices ended sharply higher due to the prospect of increased demand as countries begin to ease lockdowns and crude extraction decreases.
Source: El Colombiano
Date: May 19
Headline: An oil-producing country running out of fuel
The gasoline sold in Venezuela originates from the border with Colombia. The lines to buy it last entire nights. Scarcity. The last time Juan Carlos Araque found a gas station open and with fuel was at the end of February. Since then, he has been unable to refuel his truck because in Táchira, the border state with Colombia, there is no supply. Araque remembers well that on that day he only managed to get 30 liters of fuel, when his car can hold 60. He no longer takes it out because, in a Venezuela with abundant oil, gasoline is gold that is saved for potential setbacks that he hopes will never come.
Institutional
Source: Portafolio
Date: May 19
Headline: IEA projects lower crude pumping in the country's fields
The International Energy Agency (IEA) in its most recent report on global oil activity stated that it projects lower oil production in Colombia. The agency derives its estimate from the drop in international oil prices recorded in February and March and the COVID-19 pandemic, which led to the collapse of the global economy. For the IEA, these two consequences unleashed an oversupply of oil and a decrease in hydrocarbon demand that resulted in a financial breakdown at the international level. (…) The Minister of Mines and Energy, María Fernanda Suárez, recently warned that both the pandemic and the downward variation in crude oil prices would lead to a contraction in the country's oil operations, the results of which will be reflected at the end of the year.
Source: Portafolio
Date: May 19
Headline: The pandemic did not stop the development of wind and solar projects
The covid-19 pandemic, which slowed down the mining and oil operations in the country, did not put a stop to the development of future solar and wind projects for energy generation. (…) “Now we can complement conventional sources of electricity generation with energy from the sun and wind. In this way, we will have an increasingly cleaner, resilient, and environmentally responsible matrix,” said the Minister of Energy, María Fernanda Suárez. (…) And for the latter, the installed capacity in five projects will be 506 Mw, and they will be located in the departments of Córdoba, Cesar, Tolima, Valle del Cauca, Casanare, and Meta. (…) Image. Assigned generation projects in the auctions. Rubiales Project.
Colombian Association of Oil and Gas