In the Headlines
July 29, 2024
Gas from Venezuela: What Implications Will Colombia's Reaction to the Election Results Have?
Vanguardia
Energy attorney Claro Manuel Cotes was cited in an article published by Vanguardia about the implications of importing gas from Venezuela to meet the demand for this hydrocarbon in Colombia. The decision to import gas from the neighboring country depends on the endorsement of the U.S. government, through the Office of Foreign Assets Control (OFAC), because of the international economic sanctions imposed on Venezuela. Mr. Cotes pointed out that these trade agreements could compromise Colombia's energy sovereignty and generate energy dependence on Venezuela, which could negatively affect gas prices and increase the cost for the final consumer.
"It is an immense risk to enter into an agreement with PDVSA without an OFAC license, since it would affect Ecopetrol's international transactions, which is the company that generates the most profits for the state and has important commercial relations with the United States," he said.
READ: Gas from Venezuela: What Implications Will Colombia's Reaction to the Election Results Have?
"It is an immense risk to enter into an agreement with PDVSA without an OFAC license, since it would affect Ecopetrol's international transactions, which is the company that generates the most profits for the state and has important commercial relations with the United States," he said.
READ: Gas from Venezuela: What Implications Will Colombia's Reaction to the Election Results Have?