economy
May 3, 2026
In Defense of Ecopetrol!
If we put into context the sending by the Ministry of Finance and Public Credit to the Congress of the Republic of the indicative plan for the divestment of strategic assets of ECOPETROL, valued at 50 trillion pesos and their relationship, it is evident that the intention of the current government is to liquidate the company, dismantling it. Those who naively believe that this indicative plan responds to a ritualistic exercise that, like the current one, has been carried out by other governments preceding President Gustavo Petro, are completely mistaken, underestimating his purpose or rather his misguidedness with this misstep. Let's not forget the saying: one thing is with a guitar and another is with a violin!
TL;DR
- The Colombian government's Ministry of Finance and Public Credit has sent an indicative plan to Congress for the divestment of ECOPETROL's strategic assets, valued at 50 trillion pesos.
- Critics argue this plan aims to dismantle ECOPETROL, not merely follow a ritualistic procedure as done by previous governments.
- ECOPETROL is identified as the principal source of national financing, contributing approximately 35 trillion pesos annually through taxes, dividends, and royalties.
- The sale of assets like HOCOL, CENIT, OCENSA, and REFICAR would reduce ECOPETROL to a 'shell', with only ISA being considered a potential sale candidate.
- The decision ultimately rests with ECOPETROL's Board of Directors, who will be accountable for any detriment to the nation's assets.
- Questions are raised about alternative financing sources if ECOPETROL's revenue stream is diminished.
- The article criticizes the lack of transparency, a convincing justification, and a clear long-term vision for the divestment, particularly concerning the energy transition.
- International experience suggests selling assets in volatile markets can lead to undervalued sales and weakened financial positions.
- The government's aversion to the private sector is contrasted with its proposed privatization of ECOPETROL, attributed to ideological dogmatism.
- The argument that the 'era of oil is over' is refuted by citing continued global oil consumption and contrasting it with Denmark's decision to extend oil and gas production.