LatinNews Daily - 24 February 2021

In brief: Profits plummet at Colombia’s Ecopetrol

* Colombia’s state-owned oil firm, Ecopetrol, has reported that it obtained Col$1.7trn (US$473m) in net profits in 2020, 87.3% less than in 2019. The sharp fall in profits has been attributed to the lower global economic activity registered last year as result of the coronavirus (Covid-19) pandemic. Nevertheless, Ecopetrol CEO, Felipe Bayón, noted that “Ecopetrol is one of the few oil firms in the world that had profits in 2020”, arguing that the company remains “solid, resilient, competitive, and that quickly responds to crises”. Bayón went on to say that Ecopetrol plans to invest US$12bn-US$15bn between this year and 2023 to increase its production levels, particularly natural gas production. According to Bayón, US$1.3bn will be invested in natural gas production in the next three years. “We want a company that produces a lot more gas and to re-establish a growth path”, Bayón concluded.