BOGOTA, July 25 (Reuters) – Colombia’s largest oil producer,
Ecopetrol, lowered its 2012 oil production target on Wednesday
by 2.5 percent to 780,000 barrels of oil equivalent per day
(boepd) after a string of rebel attacks on oil infrastructure,
but kept its future output goals.
Once seen as a failing state, Colombia began to turn its
image around after a 2002 U.S.-backed security crackdown against
leftist rebels made the country safer, opened up more areas to
oil exploration and boosted crude production.
BOGOTA, July 23 (Reuters) – Laborers at Fenoco , Colombia’s
main coal railway, went on strike on Monday over pay and working
conditions, the company and a senior union official said,
threatening to paralyze more than half of shipments from the
world’s fourth-largest coal exporter.
The stoppage comes five days after workers at a coal mine
owned by Glencore’s Prodeco unit walked out, although the two
strikes would have to be prolonged to lift prices as Atlantic
and Pacific markets are oversupplied despite a strong coal burn
across much of Europe.
BOGOTA, July 19 (Reuters) – Colombian coal miners went on
strike on Thursday over pay and better working conditions at the
La Jagua mining complex of Glencore’s Prodeco unit, a union
The walkout at La Jagua mines is unlikely to affect spot
thermal coal prices in Europe or Asia unless it lasts for weeks,
but many industry sources are watching whether workers from
Colombia’s main coal railway join La Jagua in a walkout.
BOGOTA (Reuters) – Colombian security forces clashed on Wednesday with indigenous activists who stormed a hill-top military base in the volatile south as critics lambasted President Juan Manuel Santos for failing to protect troops.
Riot police using tear gas and armored vehicles battled youths hurling stones, wounding at least 26 protesters and killing one, in the second day of violence in Cauca province, an indigenous group and local media said.
BOGOTA, July 13 (Reuters) – Some members of Colombia’s
central bank board want a period of monetary easing to combat
fallout from global economic problems and lower domestic growth
in agriculture and industry, according to the minutes of the
last monetary policy meeting.
The minutes will give impetus to expectations of a rate cut
in the coming months and showed a division over whether the
major risk for Colombia’s economy comes from inside, through too
much indebtedness or the outside due to Europe’s debt crisis.
BOGOTA (Reuters) – Colombian helicopter gunships strafed suspected rebel hideouts and police disarmed explosives as President Juan Manuel Santos headed to the nation’s volatile south on Wednesday amid growing criticism that security has deteriorated.
Latin America’s fourth-biggest economy has battled Marxist insurgents for nearly five decades, and despite a U.S.-backed crackdown that drove rebels into more remote hideouts, guerrillas have stepped up attacks in the last few years.
BOGOTA, July 7 (Reuters) – Colombian coal workers voted on
Saturday to strike over pay and working conditions at the
3-million-tonne-per-year La Jagua mine of Glencore’s
Prodeco unit, a union said.
Colombia is the world’s fourth-largest coal exporter and
Glencore’s La Jagua – one of the mining concessions it owns in
the nation – has some of the country’s highest quality coal.
BOGOTA, June 29 (Reuters) – Colombia’s central bank left its
benchmark interest rate steady for a fourth straight month on
Friday as it gauged the impact of slowing world growth and
Europe’s debt crisis on the local economy where inflation
remains under control.
In a majority decision, the seven-member board, led by Jose
Dario Uribe, held the overnight rate at 5.25 percent, meeting
the expectations of all 30 analysts surveyed in a Reuters poll.
BOGOTA, June 15 (Reuters) – Europe needs to undergo
“surgery” to solve its debt problems, even if it means economic
pain, as at least then countries will be in a position to
recover, Colombian Finance Minister Juan Carlos Echeverry said
Euro zone leaders have repeatedly tried to find solutions to
debt problems, which have their roots in excessive, cheap
borrowing over nearly a decade, but have almost always come up
short, disappointing markets and exacerbating the situation.
BOGOTA, June 13 (Reuters) – Colombia’s environmental
licensing authority has rejected requests to modify permits for
coal expansion projects including at top producers Drummond Co
and Glencore International’s Prodeco unit
over pollution worries, the body said on Wednesday.
Colombia’s top thermal coal exporters, which are ramping up
production, are unlikely to fret too much over the denial given
the recent drop in coal prices and since spot demand in the
country’s main market, Europe, has been limited this year.