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Thursday, 23 November 2023 BUSINESS & FINANCE 11
Ecopetrol Explores Gas Import Partnership
with PDVSA Amidst US Restrictions Easing
A significant development, Ecopetrol is contemplating President Petro’s four-hour meeting with Venezuelan coun-
a potential collaboration with Venezuelan state-owned terpart Nicolás Maduro fueled speculations of deeper energy
company PDVSA to import gas to Colombia, as announced integration between the two countries. Petro hinted at the
by the company’s board of directors on November 21. likelihood of Ecopetrol becoming a partner with PDVSA in
This revelation comes on the heels of Colombian President the exploration of gas and oil fields in Venezuela.
Gustavo Petro’s statement suggesting the possibility of
Ecopetrol becoming a partner with PDVSA, following the Ecopetrol’s board underscored the company’s existing
recent lifting of US-imposed restrictions on Venezuela. contractual ties with PDVSA, dating back to 2007, for the
purchase and transportation of gas through the binational
The board, in an official statement, emphasized that the Antonio Ricaurte gas pipeline. With the pipeline facilitating
company is actively evaluating alternatives presented by gas exports to Venezuela, the companies are exploring
PDVSA during discussions held on November 18. This poten- avenues to further enhance this collaboration.
tial partnership aims to address the growing energy needs
of Colombia and foster economic collaboration between the As the global energy landscape undergoes transformations,
two nations. particularly with the US easing restrictions on Venezuela,
Ecopetrol is strategically positioning itself to ensure a stable
Saul Kattan, President of the Ecopetrol board, clarified that and reliable supply of gas to meet Colombia’s growing
while discussions are ongoing, no concrete decisions have demand. The company remains committed to evaluating
been made yet. The ambiguity surrounding Sam Altman’s alternatives swiftly, within legal frameworks and existing
departure from the role of CEO and subsequent return is still constraints, to guarantee the availability of gas at the
shrouded in mystery, but the focus has shifted to potential required quantities and timelines. The unfolding develop-
collaborations that could reshape the dynamics of the AI ments mark a potential milestone in regional energy cooper-
industry. ation and economic ties between Colombia and Venezuela.
