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Colombia Debates Fuel
Privatization
The Senate and the House of
Representatives Fifth commission
began the discussion of the
controversial proposal to sell
20 percent of the Colombian Fuel
Enterprise (ECOPETROL), the
biggest and most profitable in
the country.
Since the presidential
announcement of privatization,
ECOPETROL itself, experts and
local analysts agree on the
unfeasibility of the deal.
But officials and
pro-governmental observers
believe some resources obtained
from that transaction will
usefully revitalize the
enterprise and others will be
allocated to social programs.
Another argument of the
Executive lies in the reduction
of hydrocarbon reserves in
Colombia, which forces purchase
abroad to cover the internal
demand.
The Mining and Energy Minister
Hernan Martinez recognized that
crude oil sales to ECOPETROL
multinational partners would
begin in small quantities
without effect on finances.
Presently ECOPETROL's value is
at 14 billion pesos, or more
than 5.8 billion dollars, which
could be three times bigger.
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