The National Hydrocarbons Agency (ANH) approved yesterday ExxonMobil's proposal to carry out a new fracking pilot project in Puerto Wilches (Santander). The company expects to invest $53 million, of which local communities will share 0.5% of the investment. The proposal also includes a minimum of 7% good and services provision from local suppliers.
Following the National government goal to become carbon neutral in the energy sector by 2050, the industry foresees major changes in the next couple of years, according to XE's CEO Maria Nohemí Arboleda. By 2022, 2,500 megawatts are expected to come from solar and wind sources and then jump to 10,000 MW by 2024.
Despite the effects of the current covid-19 pandemic, the National Infrastructure Agency (ANI) has reactivated 49 infrastructure projects over the past year. Among these projects, 27 correspond to the government's infrastructure policy flagship Cuarta Generación (4G). For the latter, $4.4 billion (Co$ 16.969 billion) has been invested to date, creating 64,000 new direct jobs and 140,000 indirect. ANI expects seven projects to be finished by the end of this year and another ten by next year.
Between January 2020 and January 2021, Banco de la República's net income shrunk by 94% from $512 million (Co$ 1.92 billion) to $29 million (111,698 million). The operating revenue also decreased from $536 million (Co$ 2 billion) to $70 million (Co$ 264,473 million) in the same period. With lower interest rates, even closer to zero, this trend is expected to continue this year and further, said Central Bank's governor, Leonardo Villar.
In January 2021, the financial sector's net income in Colombia dropped by 34.6% to $141 million (Co$ 523,906 million), revealed the Financial Superintendency of Colombia (SFC). Despite the general losses, the local banks with the highest profit were Banco de Bogotá ($ 55 million), followed by Bancolombia ($19 million) and Davivienda ($8.2 million). BBVA earned the highest among foreign banks ($16 million).
Between February 2020 and February 2021, cocoa production increased by 54%, from 10,046 tonnes to 15,428 tonnes, revealed The National Federation of Cocoa Growers (Fedecacao). This figure consolidates a positive growth trend throughout the past decade as, for example, in 2012, Colombia produced 8,416 tonnes. The largest international buyers of Colombian cocoa are Mexico, Belgium, Estonia, Germany, the Netherlands, Indonesia, Argentina, the United Kingdom and the United States.
By 2030 construction conglomerate Grupo Argos, including Cementos Argos, Celsia and Odinsa, will reduce by 46% its Green House Gas (GHG) emissions per $268 (Co$ 1 million) in operating revenue. Argos has already implemented innovative green products such as Green Cement, decreasing GHG by 38% and energy consumption by 30%. It also plans to add algae's Co2 into biodiesel to power its Cartagena plant partially.
After investing more than $43 million (Co$ 160,000 million), Unilever commenced operations in its new plant in the department of Valle del Cauca. The new factory is expected to increase production by 80,000 tons and exports by 135% to countries such as Bolivia, Costa Rica, Ecuador, El Salvador, and Uruguay. The company also expects to generate 370 new jobs.
In 2020 Avianca's net profit decreased by 22% to $1.09 billion due to the covid-19 pandemic impacts on air travel. Operations contracted 74% compared to 2019, and operating income shrunk from $4.62 billion to $1.71 billion in the same period.
Despite the economic effects of the covid-19 pandemic, chemical manufacturing company Grupo Orbis increased its net profits from $12.7 (Co$ 47,533 million) in 2019 to $ to 14.97 million (Co$ 55,698 million) in 2020. Its liabilities and equity decreased from $440 million (Co$ 1.6 billion) to $429 million (Co$ 1.5 billion) in the same period.