Ecopetrol to sign the first fracking pilot contract for $ 76 mn

State oil company, Ecopetrol, is the first firm authorized by the Colombian National Hydrocarbons Agency (ANH) to participate in the fracking pilots that, according to the Ministry of Mines and Energy, could start in 2021. Ecopetrol will initiate the investment plan for the Pilot Projects of Integral Research (Ppii) on unconventional fields, with estimated total investments of $ 110 million. The participation in the Kalé segment located in the Middle Magdalena Valley is the first, with a $76.7 million investment.

In Colombia, 3.6 mn employment contracts were lost in September

Although September marked a turning point for the fall in jobs, as the unemployment rate fell to 16.8%, the contracts of dependent and independent workers still see a contraction compared to last year, of 7.9% and 13, 1%, respectively. According to Dane, 3.6 million contracts ceased to exist as of September. There were 8.5 million dependent employment relationships and 2 million independent ones, compared to 9.3 million and 2.4 million for the same period of 2019, respectively. The sectors with the most increase in the suspension of contracts have been accommodation and food services (4.49%), exploitation of mines and quarries (3.61%), artistic activities (3.14%) and transport and storage (2.86%).

IDB approves $400,000 donation for hurricane affected areas in Colombia

The Inter-American Development Bank will support the Colombian government through non-reimbursable resources, humanitarian assistance and emergency response in the islands of San Andrés, Providencia and Santa Catalina, and in the continental Magdalena department, affected by hurricanes Eta and Ioita. The IDB approved $ 400,000 for the purchase of goods such as drinking water, food products and basic necessities. Also to provide support in the provision of relief and transportation of said elements to the affected areas, and any other goods necessary to meet the basic humanitarian needs of the affected communities.

UK Export Finance opens office in Bogotá

The UK export credit agency UK Export Finance (UKEF) has made available up to £ 4 billion to help Colombian and Andean buyers access the financing they need to purchase products and services from the United Kingdom. The entity offers, among others, access to loans with local or international lending banks, with repayment terms of 2 to 10 years, and up to 18 in sectors such as renewable energy.

Tax revenue collection in Colombia falls 5.7% in October

Tax collection in Colombia contracted by 5.69% in October to $2,5 billion, compared to the same month last year, although it reached 101.1% compliance with the goal for that period according to the National Tax and Customs Directorate (DIAN). Taxes associated with domestic economic activity reached $1.9 billion, while those related to foreign trade operations were $556 million.

Colombia’s Promigas issues $164.5 mn worth of local bonds

Colombian gas distributor Promigas on Thursday issued bonds worth $164.5 million to the local capital market, with proceeds earmarked for refinancing existing debt for the company and its subsidiaries, to improve its long-term maturity profile. Promigas issued paper for terms of five and 25 years after seeing demand for $287 million, the Colombian stock exchange said in a statement.

Tecnoglass Completes Delisting of Shares from the Colombia Stock Exchange

Tecnoglass, a leading manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, announced that the Company has completed its previously-disclosed delisting of its ordinary shares from the Colombia Stock Exchange, upon which the shares listed on that exchange under the ticker symbol “TGLSC” ceased trading. The Nasdaq Stock Market (NASDAQ) now serves as the exclusive exchange to transact Tecnoglass ordinary shares under the ticker symbol “TGLS”.

DANE survey: 25.7% of Colombian companies will not be able to pay debts in November

The National Administrative Department of Statistics (Dane) published the results of the Business Pulse survey, in which it is evidenced that 25.7% of the firms consulted believe that they will be late in paying their outstanding liabilities during November. Companies in the construction sector are the ones that believe the most that they will be late in their payments (37.6%), followed by those in the services sector (30.5%), those in the manufacturing industry (24.3%) and trade (19.9%).