Colombia inflation unlikely to meet 3% target in 2021: finance minister

Colombia’s consumer prices increases are unlikely to meet the central bank’s long-term 3% target next year, Finance Minister Alberto Carrasquilla said on Friday. A long coronavirus lockdown earlier this year and associated business closures and job losses have kept consumer demand weak in the Andean country. Twelve-month price growth was 1.49% in November, though analysts had expected 1.7%.

Ecopetrol expects to invest between $3.5 and $4 billion in 2021

Ecopetrol informed that its Board of Directors approved the 2021 organic investment plan for the Ecopetrol Group (GE) for an estimated amount of $3.5 to $4 billion. With regards to unconventional reservoirs (YNC for its acronym in Spanish), investments of approximately $600 million are planned for the scaling up of development activities in the US Permian Basin in Texas. Investments for the development of initiatives related to Integral Research Pilot Projects for Unconventional Deposits (PPII) in the Mid-Magdalena Valley Basin are also expected to continue. Approximately $150 million is expected to be invested in the decarbonization agenda, including noteworthy tasks in energy efficiency, leakage and vent reduction projects as well as the construction of the Rubiales Solar Park.

Anglo to exit its SA and Colombian thermal coal mines by 2023

Anglo American will divest from its South African and Colombian thermal coal operations by mid-2023, the miner said on Friday as it sought to demonstrate to investors its commitment to a shift towards clean energy sources. Chief executive Mark Cutifani said on Friday that the company planned to exit its Cerrejon thermal coal mine in Colombia within one and a half to two years.

Spanish Elecnor to invest $100 mn in two wind projects in Colombia

The Government of Colombian President Iván Duque, through the National Land Agency, formalized use over two easements to the company Guajira Eólica I.S.A.S. of the Elecnor Group of Spain, for the development of the El Ahumado Wind Farm - 110 KV Transmission Line, an electricity generation project using renewable energy sources that will begin operation in 2022. This is the first time the National Land Agency, through The regulation of two easements makes possible the development of a renewable wind energy project on the Nation's properties. Elecnor will invest approximately $ 100 million.