Colombia’s Broken Occidental Deal Ripples Through Latin America
Ex-minister says leftist President Gustavo Petro vetoed Ecopetrol SA’s $3.6 billion agreement.
Ricardo Roa, chief executive officer of Ecopetrol SA, with the company’s mascot. He says the state-run producer canceled a deal with Occidental Petroleum Corp. because of debt concerns.
Photographer: Ivan Valencia/BloombergWelcome to our guide to the energy and commodities markets powering the global economy. Today, reporter Andrea Jaramillo assesses the implications of Colombia’s state oil company reneging on a deal with Occidental Petroleum. For more on how chaotic weather is hurting Europe’s harvests, read this. To get this newsletter sent straight to your inbox, sign up here.
Investors in Colombia’s state oil company have watched warily for two years as President Gustavo Petro tried to squelch the nation’s fossil-fuel production. They have a fresh reason to worry.