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☆ Colombia's oil theft soars, leaving trail of environmental harm
▼ + stars: | 2022-12-23 | by ( Oliver Griffin | ) www.reuters.com time to read: +9 min

Reuters accompanied a police unit tasked with tackling oil theft in September to two sites near Tumaco, a Pacific port in southwest Colombia that is the terminal for the country's Transandino oil pipeline. The animals, the trees - everything is totally burned," said Colonel Johan Pena, commander of the police unit charged with tackling oil theft in Narino, a province bordering Ecuador that is known for cocaine production. Reuters approached more than a dozen environmental groups, rights advocates, government agencies and international organizations who either said they had no detailed information on the extent of the environmental damage in Colombia from oil theft or did not respond to questions. Oil spills on land smother soil pore spaces, restricting microorganisms' access to oxygen, said Martha Daza, a professor at Cali-based university Universidad del Valle's school of engineering of natural resources and the environment. Regional health authorities in Narino did not immediately respond to questions about the health impact of oil spills.

☆ Oil tank in Colombia's Barranquilla explodes into flames, one dead
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

[1/5] Black smoke rises during a fire in a hydrocarbon storage area of the Bravo Petroleum company in Barranquilla, Colombia December 21, 2022. Barranquilla City Hall Press Office/Handout via REUTERSBOGOTA, Dec 21 (Reuters) - A fuel tank exploded into flames in Colombia's Caribbean city of Barranquilla early on Wednesday, killing a firefighter who fell during the explosion, local authorities said. "Right now the fire is being controlled and allowed to burn out at the tank, which is on fire," Pumarejo told journalists, adding that the area around the tank was being evacuated. Operations to control the fire could take between three and four days as firefighters wait for the blaze to consume all the fuel, authorities said. Operations at Barranquilla's port were suspended until the fire is fully controlled, authorities added.

CARACAS, Dec 21 (Reuters) - Venezuelan opposition parties are seeking to remove Juan Guaido as head of Citgo, the country's most important asset abroad, and block his interim government from extending its mandate by another year, spokespeople from the country's main opposition parties said on Wednesday. But opposition political parties propose instead to replace Guaido with a commission of five parliament-appointed members to govern Citgo's assets, and block the one-year extension. Parties looking to replace Guaido have proposed delegating the functions of the interim government to the new commission. Three of Venezuela's largest opposition parties support the motion, Marquina said, while the fourth - which Guaido belongs to - supports the interim government. Guaido's failure to extend his leadership may spell trouble for the boards controlling those assets, whose legitimacy rests on the recognition of Guaido as Venezuela's interim leader.

☆ Colombia ELN leftist guerrilla group declares Christmas ceasefire
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leonardo Fernandez ViloriaBOGOTA, Dec 19 (Reuters) - Colombian leftist guerrilla group the National Liberation Army (ELN) on Monday declared a nine-day unilateral ceasefire over the Christmas period, as part of a bid to support peace talks with the Andean country's government, which urged other illegal armed groups to follow suit. Colombia's government and the ELN last week completed the first cycle of peace talks between the two parties in Venezuela's capital Caracas. The unilateral ceasefire will only apply to Colombia's military and police, the ELN said in a recorded statement, adding it reserves the right to defend itself if attacked. Following the announcement, Colombia's government called on other armed groups also to call a ceasefire. Reporting by Nelson Bocanegra and Oliver Griffin Writing by Oliver Griffin Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

MONTREAL/BOGOTA Dec 16 (Reuters) - Latin America is drawing early investment for jet fuel produced from materials like forest residues and palm oil as emission-conscious airlines scour emerging markets for less-polluting fuel to power flights, industry executives say. While most sustainable aviation fuel, or SAF, is produced in the United States, Europe, and Singapore, Latin America is emerging as a budding market. "Latin America right now is really a hot spot for Honeywell." Producing and distributing SAF in regions with faster-growing traffic like Latin America is key to meeting industry targets, said Landon Loomis, Latin America president for U.S. planemaker Boeing (BA.N). And Vibra Energia (VBBR3.SA) is working with Brasil BioFuels (BBF) to produce palm oil-based jet fuel in 2025.

☆ Colombia to hike minimum monthly wage by 16%
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, Dec 15 (Reuters) - Colombia's minimum wage will increase by 16% in 2023, President Gustavo Petro said on Thursday, higher than the previous wage hike. The minimum wage will rise to 1.16 million pesos ($242.70) per month, an increase of 160,000 pesos ($33.40). The wage increase comes amid rampant inflation in Latin America's fourth-largest economy. The increase followed agreements between business associations and unions, Petro said, and will benefit some 3.4 million people who receive the minimum wage. "I hope that this increase to the minimum wage restores purchasing power that has been lost in recent months due to inflation, restores growth to the economy's average productivity, and also allows us to boost internal demand in Colombia," Petro said.

☆ Colombia's Ecopetrol to invest up to $6.2 bln in 2023
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, Dec 9 (Reuters) - Colombia's majority state-owned oil company Ecopetrol will invest up to around 30 trillion pesos ($6.2 billion) in 2023, it said on Friday, with the main focus on energy security rather than energy transition. Third-quarter net profits more than doubled to 9.51 trillion pesos, Ecopetrol reported last month. Ecopetrol plans to invest between 25.3 trillion pesos and 29.8 trillion pesos. Of that, between 15.8 trillion pesos and 18.9 trillion pesos will ensure Columbia's energy security and financial stability and boost the country's trade balance, it said. Other investments include some 3.6 trillion pesos to 4.1 trillion pesos will go towards ensuring Colombia's self-sufficiency in gas, while 5.9 trillion pesos to 6.8 trillion pesos will fund the company's energy transition, it said.

☆ Colombia killings of social leaders, rights defenders hit new high
▼ + stars: | 2022-12-07 | by ( Luis Jaime Acosta | ) www.reuters.com time to read: +2 min

REUTERS/Nathalia Angarita/File PhotoBOGOTA, Dec 7 (Reuters) - Colombia will end the year with at least 199 killings of social leaders and human rights defenders, the highest level recorded, due to attacks by illegal armed groups in areas tied to the drug trade, the country's human rights ombudsman said on Wednesday. "There's a correlation between the increase in the killings of social leaders and human rights defenders with the increase in illicit crops in different territories and operations by illegal armed groups that dispute territorial control of drug trafficking routes," Camargo added. Some 66 leaders and rights defenders have been killed during Petro's administration so far. According to the Ombudsman's office, the provinces of Narino, Cauca, Putumayo, Antioquia and Arauca have been the most affected by violence against social leaders and human rights defenders this year. The numbers on community and human rights leader killings in Colombia vary widely depending on the source.

☆ Landslide buries bus in Colombia, killing at least 34
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, Dec 5 (Reuters) - At least 34 people died when a landslide buried a bus in northwestern Colombia on Sunday, the government disaster agency said on Monday. [1/3] Police help the rescue operations of a bus that was buried after a landslide due to heavy rains in Pueblo Rico, Colombia December 4, 2022. Colombia National Police/Handout via REUTERS 1 2 3Landslides are common in Colombia due to the mountainous terrain, frequent heavy rains and informal construction of houses. Events linked to heavy rains have killed more than 216 people and left 538,000 homeless so far in 2022, according to government statistics. The country's most recent large landslide killed over 320 people in the city of Mocoa in 2017.

☆ Longtime Caracas bakeries enjoy sweet benefits of dollarization
▼ + stars: | 2022-12-01 | by ( Mayela Armas | ) www.reuters.com time to read: +3 min

CARACAS, Dec 1 (Reuters) - After years of struggle, veteran bakeries in Venezuela's capital Caracas are cooking up a variety of delectables, in the latest sign that the country's slight economic boost is reviving some family-owned small businesses. Dollarization meant freedom from the troughs and peaks of Venezuela's local currency, extra dough for spending in some sectors, and greater ease for importing certain ingredients, like wheat flour. Processing and distribution of wheat flour was under state control for years and supplies were intermittent, leading to lower production, while Venezuelans saw bread rationed. Venezuela imports wheat flour for processing. Despite the county's economic improvement, low salaries remain a hurdle for bakeries looking to grow.

☆ Colombia could be open to buying Venezuela's Monomeros -Finance Minister
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, Nov 30 (Reuters) - Colombia could be open to buying Venezuelan fertilizer maker Monomeros, Finance Minister Jose Antonio Ocampo said on Wednesday, at a time when higher fertilizer prices have contributed to inflationary pressure. Though Monomeros is based in the Colombian city of Barranquilla, it is owned by Pequiven, which is a unit of Venezuelan state-owned oil company PDVSA. The government of Venezuelan President Nicolas Maduro regained control of Monomeros' board of directors in mid-September, following a couple of years when it was controlled by opposition leader Juan Guaido. The recent changes to Monomeros' management occurred at a time when relations between Colombia and Venezuela - particularly in economic and military cooperation - have strengthened, following the election of Colombian President Gustavo Petro. Reporting by Carlos Vargas and Nelson Bocanegra Writing by Oliver Griffin Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Colombia finance minister opens door to international financing
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, Nov 17 (Reuters) - Colombia Finance Minister Jose Antonio Ocampo on Thursday opened the door to possible financing in international markets for the Andean country, if the recent trend in falling borrowing costs continues. The South American country has already met its targeted debt level in foreign and local markets this year. Ocampo had previously shut down the possibility of looking for financing in international markets in recent months due to the high costs of debt caused by rising interest rates worldwide, saying Colombia would focus on multilateral banking instead. "If this trend (of decreasing international financing costs) continues, as we have seen in recent days, the possibility of going to the private international market will also be open for the government," Ocampo said at a forum in Bogota. Reporting by Carlos Vargas and Nelson Bocanegra; Writing by Oliver Griffin; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Colombia economy grew 7% in Q3, beating expectations
▼ + stars: | 2022-11-15 | by ( Carlos Vargas | ) www.reuters.com time to read: +2 min

In a Reuters poll last week analysts said they expected growth in Latin America's fourth-largest economy to slow amid moderating domestic consumption, rampant inflation and rising interest rates. read moreThe economy grew 1.6% in the third quarter versus the second quarter, DANE said. The finance sector registered 9.2% growth in the third quarter compared to the same period a year earlier, while retail expanded by 8.1%. In September the economy grew by 4.2%. read moreThe technical team of the country's central bank forecasts GDP growth for this year at 7.9% and 0.5% for 2023.

☆ Petroecuador advancing in tender to appoint auditor
▼ + stars: | 2022-11-08 | by ( Alexandra Valencia | ) www.reuters.com time to read: +1 min

Talking to a local media outlet on Monday, Santos acknowledged Petroecuador is not audited by an international firm and its financial reporting does not comply with international standards. Petroecuador began a tendering process to appoint an auditor in August, it said. "As the process is financed with international cooperation funds, the hiring must follow the guidelines established by the international organization," the company added. Former Energy Minister Xavier Vera resigned at the end of October over a separate investigation into allegations that he took bribes in exchange for jobs at Petroecuador. Reporting by Alexandra Valencia Writing by Oliver Griffin Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Colombia's Ecopetrol more than doubles Q3 net profit as oil demand, prices rise
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Colombia's state oil company Ecopetrol (ECO.CN) on Tuesday reported its third-quarter net profit more than doubled to 9.51 trillion pesos ($1.90 billion), rising 150% from a year earlier, as both sales and prices shot up. The firm's revenues climbed 86% to 43.44 trillion pesos, while earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to 21.14 trillion pesos during the period, it said in a filing. Production rose 5.4% in the third quarter of the year to an average of 720,400 barrels of oil equivalent per day (boed), up from 683,600 boed over the year-ago quarter. High crude prices have led U.S. oil majors Exxon Mobil (XOM.N) and Chevron (CVX.N) to record blockbuster quarterly profits, though Mexican state oil firm Pemex posted a loss, stemming from a weaker currency and higher sales costs. ($1= 5,013.20 Colombian pesos)Reporting by Kylie Madry and Noe Torres; Writing by Valentine Hilaire; Editing by Oliver Griffin and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Venezuela's long-suffering manufacturers face new challenge: Colombian imports
▼ + stars: | 2022-11-02 | by ( Deisy Buitrago | ) www.reuters.com time to read: +4 min

The change opens Venezuela to more imports from its neighbor as domestic manufacturers are still struggling, though some got a boost from a de facto dollarization. Tini's company Full Time, one of Venezuela's largest shoe manufacturers, is set to increase production to 20,000 pairs this year from 12,000 in 2021, but imports worry him. Local industries "cannot compete on equal terms with Colombian products," said Luigi Pisella, president of Conindustria, one of the top business associations representing Venezuela's manufacturers. Between January and August this year, the Colombian government's DANE statistics agency valued the country's exports to Venezuela at some $400 million while Venezuelan imports to Colombia were just $56 million. Business people said there are few incentives for manufacturers, high taxes and not enough efforts to combat inflation.

☆ Colombia's finance minister asks central bank to discuss futures markets liquidity
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, Oct 26 (Reuters) - Colombian Finance Minister Jose Antonio Ocampo has asked the country's central bank to discuss liquidity in futures markets in its monthly meeting this Friday, he said on Wednesday, at a time when local currency and public debt are experiencing turbulence from domestic uncertainty. "There is an issue that I have asked the (central) bank for us to discuss on Friday about futures markets, about how liquid or not those futures markets are," Ocampo told reporters. In 2020, during the worst of the coronavirus pandemic, Colombia's central bank took extraordinary measures to boost liquidity, such as foreign exchange hedging via auctions for the sale of dollars through forward operations, or "swaps." In a recent Reuters poll, 12 out of 14 analysts forecast the central bank will raise its benchmark interest rate by 100 basis points to 11% on Friday. One of the analysts projected a hike of 75 basis points and another forecast an increase of 50 basis points.

☆ Colombia launches hunt for missing assets seized from drug traffickers
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, Oct 13 (Reuters) - Colombia on Thursday launched an investigation into the disappearance of assets seized from drug traffickers and criminal groups, which President Gustavo Petro plans to use for social programs benefiting farmers and women. Register now for FREE unlimited access to Reuters.com RegisterColombia has seized assets worth 25.7 trillion pesos ($5.6 billion). Authorities will establish a technical panel to locate 19,587 assets seized from drug traffickers including large farms, houses, luxury cars, gold, aircraft, boats and cash. The government plans to sell seized assets to compensate the victims of Colombia's internal armed conflict, which has run for almost six decades and has involved drug traffickers, leftist guerrillas and right-wing paramilitaries. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nelson Bocanegra and Oliver Griffin; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Hundreds search for signs of relatives following Venezuela floods
▼ + stars: | 2022-10-11 | by ( Mircely Guanipa | ) www.reuters.com time to read: +2 min

Rescue personnel work to recover bodies of people swept away by devastating floods following heavy rain in Las Tejerias, Aragua state, Venezuela, October 11, 2022. REUTERS/Leonardo Fernandez ViloriaLAS TEJERIAS, Venezuela, Oct 11 (Reuters) - Hundreds of Venezuelans roamed the streets of Las Tejerias on Tuesday, digging and searching for missing relatives after devastating floods swept through the town over the weekend, leaving many wondering where they would now live. I was left with nothing," said Yolismar Marin, 22, while sitting in a school serving as a shelter for victims of floods that swept through Las Tejerias on Saturday night. Government officials who visited Las Tejerias, about 67 kilometers (41.6 miles) southwest from capital Caracas, promised to recover all the houses and businesses affected. On Tuesday housewife Jennifer Galindez, 46, buried her one-year-old granddaughter Estefania, who drowned after flood water swept into Galindez's home.

☆ Venezuelan rescuers search for missing as flood death toll grows
▼ + stars: | 2022-10-10 | by ( Mircely Guanipa | ) www.reuters.com time to read: +2 min

Rains on Saturday night swept large tree trunks and debris from surrounding mountains into Las Tejerias, 40 miles (67 kilometers) southwest of Caracas, and damaging businesses and farmland. At least 36 people have been killed by the floods while 56 remain missing, Remigio Ceballos, vice president of citizen security area, told reporters in Las Tejerias on Monday. "The water swept me away," she said, adding that she eventually found refuge on a platform where there was no current. Houses, shops and other premises in Las Tejerias were fully or partially filled with mud and other debris carried by the water. On Monday, bulldozers could be seen clearing roads in Las Tejerias as the sun shone after several days of rain.

☆ Demonstrators in Ecuador protest woman's killing, demand payment to pension system
▼ + stars: | 2022-09-22 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

Ecuadorians gathered outside police headquarters in Quito to protest the death of lawyer Maria Belen Bernal. Her husband, German Caceres, who the attorney general's office says is the main suspect in the killing, is on the run. Demonstrations against the killing followed earlier protests led by union leaders, who argued that the Ecuadorian Social Security Institute's (IESS) financial situation has muddled health services for users and put the retirement pension system at risk. "Social security isn't bankrupt, it's poorly managed," Mesias Tatamuez, one of the union leaders, told reporters. Ecuador's government reached an agreement last week to disburse $300 million through December to apply to what is owed.

☆ IHC's $2.15 bln Nutresa bid boosts shares in Colombian conglomerate GEA's companies
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +3 min

IHC's bid is the latest in a long-running saga of moves to snap up stakes in GEA companies. Shares in investment holding company Grupo SURA (SIS.CN), the jewel in GEA's crown which owns the largest stake in Nutresa, rose almost 7% in the morning session. IHC is a partner of the Gilinski Group, stockbrokers told Reuters. If the latest bid is successful, Grupo Gilinski will become Nutresa's largest shareholder. Gilinski Group also secured a 38% stake in Grupo SURA following several bids and transactions last year.

☆ Colombia's Petro calls on Latin America to unite against war on drugs
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Colombia's President Gustavo Petro addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 20, 2022. REUTERS/Brendan McDermidSept 20 (Reuters) - Colombian President Gustavo Petro called on Latin American countries to join forces to end the war on drugs during a speech to the United Nations General Assembly in New York on Tuesday. Petro, Colombia's first leftist president, has long derided the global war on drugs as a failure, even using his inauguration speech in August to call for a new international strategy to fight drug trafficking. read more"From my wounded Latin America, I demand you end the irrational war on drugs," Petro said, while calling on the wider Latin American community to unite to defeat that "which torments our body." Register now for FREE unlimited access to Reuters.com RegisterReporting by Oliver Griffin Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Ecuador reaches deal with China to restructure debt
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lauren Justice/File Photo/File PhotoSept 19 (Reuters) - Ecuador has reached an agreement to restructure its debt with Chinese banks, the government said in a statement on Monday, providing debt relief worth some $1.4 billion until 2025. Ecuador's President Guillermo Lasso announced in February that he was looking to restructure the country's debt and improve the conditions of long-term oil sales contracts with Beijing. Ecuador also managed to reduce certain applicable interest rates and suspend all amortizations with China Eximbank for a six-month grace period, the government said. State-owned energy company Petroecuador reached an agreement with Petrochina (601857.SS) last week on a number of crude oil deliveries. The Wall Street Journal first reported on Monday that Lasso had announced a deal to with China to restructure $4.4 billion worth of debt.

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