Colombia's mines and energy ministry has begun a $700 mn competitive bidding process for the country's second LNG regasification terminal and an associated pipeline as it steps up efforts to guarantee future gas supply. Slated for the port of Buenaventura in Valle del Cauca department, the new infrastructure will regasify up to 400Mf3/d and store 170,000m3 of natural gas. The pipeline will connect the import terminal to Yumbo, on the northern outskirts of Cali. Officials previously forecast an operational startup in early 2024, when the government also expects Colombian gas demand to exceed supply from existing sources.
During the conference call with market investors, the directors of the state-majority oil company revealed projections of a 15 and 20 percent reduction in its proven oil equivalent reserves (crude and gas), which closed at 1,893 million barrels equivalent in 2019. The forecast , would lead to the firm's proven crude and gas resources falling to a range between 1,514 and 1,609 million barrels.
The initiative that establishes the Trade Agreement between Colombia and the United Kingdom was approved by the Colombian Congress´ lower house, and will now pass to presidential sanction. The trade agreement was signed in May 2019 before the Uk´s exit from the European Union. The United Kingdom is a relevant market for Colombian products, with $ 470 million in exports in 2019, 65% of which corresponded agricultural sales (bananas, 36%; coffee, 10%; Flowers, 10%).
Avianca Holdings and 450 pilots from the Colombian Association of Civil Aviators (ACDAC) reached an agreement that cuts worker pay but delivers job security for the next four years. The ACDAC agreement included postponing some economic benefits for four years from the start of 2021, a 15% cut to wages and bonuses, a guarantee for minimum pay and annual salary increases of 2% or at inflation, whichever is higher.
A survey of the National Administrative Department of Statistics (Dane) reveals that 23.5% of households in Colombia have stopped receiving income in the midst of the covid-19 pandemic; 1, 8 million families do not have a stable source of resources. DANE explained that this lack of income is directly related to the increase in the unemployment rate in the country, since currently around four million Colombians are without work.