IFC to facilitate $50 mn to support Vatia´s renewable energy expansion plans

The International Finance Corporation (IFC) is set to facilitate $50mn in financing to support the renewable energy expansion plans of Colombian firm Vatia. The deal would see IFC acquire a US$10mn equity stake in Vatia and syndicate up to US$40mn in senior debt from local banks, according to documents on the World Bank affiliate's website. Cali-based Vatia would use the proceeds to purchase solar assets totaling 37MW and increase its trading and commercialization activities, IFC said.

Afinia to invest $ 201 mn in 2021 in northern Colombia

Afinia, energy provider and subsidiary of EPM, recently completed three months since it began its operation in Bolívar, Cesar, Córdoba, Sucre and part of Magdalena. In 2021, it plans to invests $ 201 million in four new substations, instalation of 4,000 new distribution transformers, in addition to 13 power transformers; it also expects to carry out a 2,000-kilometer expansion of the electricity grid. The company has $ 574.3 million in cash to operate and fulfill its investment plan.

Oil production in Colombia continued to decline in January

Data from the Colombian Ministry of Mines and Energy revealed that oil production continued to decline at the cutoff of January 14, 2021. It reached 738 thousand barrels per day (kbpd) in mid-January, falling below the 749 kbpd reported to the end of December 2020. Although, it still remains slightly above 730 kbpd which was the worst production level amid the pandemic last year.

Colombia reiterates denial of Minesa gold project near Santurbán moorland

The National Environmental Licensing Agency (Anla) denied the request that mining company Minesa submitted for the exploitation of gold in the municipalities of California and Vetas, in Santander, in the vicinity of the Santurbán moorlands. The authority did not accepted the appeal filed by the multinational and ratified the position it had delivered in October 2020.

Colombia set to receive Covax vaccines against Covid-19 in early February

The representative of the Pan American Health Organization (PAHO / WHO) in Colombia, Gina Tambini, revealed that the estimated date of arrival of vaccines against Covid-19 is the first week of February 2021. According to the Colombia's vaccination plan announced last week, the Covax mechanism will deliver 20 million doses against Covid-19 (two doses per person) that will benefit 10 million citizens. The country also has contracts with Pzifer, Astrazeneca and Janssen for additional 29 million doses.

New Covid19 restrictions would have an economic cost of $ 2.3 to $ 3.6 bn: Fedesarrollo

According to a study published by Fedesarrollo, the new confinement measures that have been established in various areas of the country due to the second wave of Covid infections would have an economic cost of between $ 2.3 and $ 3.6 billion, equivalent to 0.8 % and 1.2% of GDP. Fedesarrollo also highlights that the confinement measures will impact the labour market. An increase of between 0.6 percentage points (pps) and 0.9 pps in the unemployment rate is estimated, equivalent to 146,000 and 220,000 jobs lost.

Imports in Colombia fell 12% in November 2020; deficit in trade balance decreased

Imports to reached $ 4,1 billion CIF, a 12% YoY decrease. This behavior was mainly due to the decrease of 60.3% in the Fuels purchases, as highlighted in a report by the National Administrative Department of Statistics (Dane). In the period January-November 2020, Colombian imports were $ 39.3 billion CIF and registered a decrease of 19.1%, compared to the same period of 2019. Colombian imports from China participated with 23.9% of total imports; It was followed by external purchases from the United States, Mexico, Brazil, France, Germany and Korea. In November 2020, Colombian had a negative trade balance of $ 1.4 billion FOB, while in November 2019 there was a deficit of $ 1.6 billion.

Mineros increased capitalization by $ 2.92 mn in one of its subsidiaries in Chile

Colombia-based gold mining company Mineros reported the capital increase in the subsidiary Mineros Chile, a legally constituted entity in that country in which the Mineros has 100% of the shares. The company mentioned that the capital increase will constitute a total direct investment of an average of $ 2.92 million, an amount that corresponds to about two million ordinary shares.

Colombia’s Ecopetrol says oil theft from pipelines rose 46% last year

Theft of crude oil from pipelines operated by Colombia's state-controlled oil company Ecopetrol rose by 46% last year, driven by surging robberies along the Cano Limon-Covenas pipeline, a company spokesman said. On average, 2,638 barrels per day of oil were stolen last year, up from 1,806 bpd in 2019. The theft represents a fraction of Ecopetrol's production, which stood at 725,000 bpd in 2019. The stolen oil was worth just under $50 million.