Ecopetrol in the Mirror of PDVSA: Who is Responsible?
It could be difficult for anyone to believe that a president elected with the promise to protect the general interest, upon coming to power, ends up weakening the country's main company. However, that is – in essence – what many observers see today in Gustavo Petro's management of Ecopetrol.
TL;DR
- Ecopetrol's profits have fallen significantly under President Petro's tenure, from $33.4 trillion in 2022 to about $9 trillion.
- Observers compare Petro's management of Ecopetrol to the decline of Venezuela's PDVSA, citing changes in leadership and board composition.
- Concerns include alleged corruption, investigations into current management, and a drop in Ecopetrol's reputation ranking.
- The company's stock value has fallen, leading to losses and sanctions, with the USO union warning of potential legal repercussions for the board.
- The article highlights alleged pressure on former Ecopetrol officials regarding business deals and campaign finance violations.
- There are concerns about the institutional capacity to address these issues, viewing the weakening of Ecopetrol as a national risk.