Economy of Colombia

Ecopetrol reports the incorporation of two new subsidiaries that will be part of the Ecopetrol Group

Retrieved on: 
Friday, July 2, 2021
Ecopetrol, Companies, Economy of Colombia

BOGOTA, Colombia, July 1, 2021 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that it has concluded the incorporation of Ecopetrol Singapore Pte Ltd., a company in which it will directly own 100% of its share capital.

Key Points: 
  • BOGOTA, Colombia, July 1, 2021 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that it has concluded the incorporation of Ecopetrol Singapore Pte Ltd., a company in which it will directly own 100% of its share capital.
  • The two companies will be part of the Ecopetrol Group and will have paid-in share capital in accordance with the regulatory requirements of their jurisdiction of incorporation.
  • Ecopetrol is the largest company in Colombia and one of the main integrated oil and gas conglomerates in Latin America, with more than 13,000 employees.
  • This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects.

Establishment of a Special Committee for ISA's valuation

Retrieved on: 
Friday, March 26, 2021
Ecopetrol, Companies, Economy of Colombia

The committee will be comprised of the following independent members of Ecopetrol's Board of Directors:

Key Points: 
  • The committee will be comprised of the following independent members of Ecopetrol's Board of Directors:
    Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America.
  • Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network and is significantly increasing its share of bio-fuels.
  • This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects.
  • All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance its sales plan.

Ecopetrol informs that the Ministry of Finance and Public Credit accepted the non-binding offer submitted on January 27 to acquire ISA stock

Retrieved on: 
Monday, February 8, 2021
Ecopetrol, Companies, Economy of Colombia

They reserve the right to propose adjustments to the price range subject to the results of the appraisal and due diligence processes that it undertakes in parallel to Ecopetrol.

Key Points: 
  • They reserve the right to propose adjustments to the price range subject to the results of the appraisal and due diligence processes that it undertakes in parallel to Ecopetrol.
  • Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America.
  • Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network and is significantly increasing its share of bio-fuels.
  • This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects.

ProColombia: Colombia seeks to reactivate tourism by positioning itself as a destination among Europeans

Retrieved on: 
Monday, October 19, 2020
Food and drink, Articles, Agriculture in Colombia, Economy of Colombia, Americas, Andean Community, COLOMBIA, Republics, Panela, Tourism

Buyers from 12 countries will participate in a virtual event for the first time with more than 50 stakeholders from the Colombian tourism industry.

Key Points: 
  • Buyers from 12 countries will participate in a virtual event for the first time with more than 50 stakeholders from the Colombian tourism industry.
  • MADRID, Oct. 19, 2020 /PRNewswire/ -- In order to continue positioning Colombia as a world-class tourism destination and maintain interest in its experiences, Colombia's Virtual Week in Europe will take place from October 19 to 23.
  • In the academic sessions, the Colombian Deputy Minister of Tourism, Julin Guerrero, will provide detailed information on the biosecurity regulations for tourism in Colombia, its market positioning as a sustainable destination, and new incentives for tourism.
  • Cross-selling success stories will be presented by several Colombian products, such as coffee and panela, which are contributing to positioning the country as a destination.

Luis Carlos Sarmiento Angulo Donates $20 Million USD to Help with the Covid-19 Crisis in Colombia

Retrieved on: 
Tuesday, March 31, 2020
Banking, Professional services, Finance, Economy of Colombia, Luis Carlos Sarmiento, Grupo Aval, COLOMBIA, Angulo, Aval, New York Stock Exchange, Banco de Occidente Credencial

Luis Carlos Sarmiento Angulo, Founder and Chairman of Grupo Aval (NYSE listed: AVAL), announced a $20 million donation to help alleviate the impact of Covid-19 in Colombia.

Key Points: 
  • Luis Carlos Sarmiento Angulo, Founder and Chairman of Grupo Aval (NYSE listed: AVAL), announced a $20 million donation to help alleviate the impact of Covid-19 in Colombia.
  • This press release features multimedia.
  • View the full release here: https://www.businesswire.com/news/home/20200330005779/en/
    Luis Carlos Sarmiento Angulo, Founder and Chairman of Grupo Aval (NYSE listed: AVAL), announced a $20 million donation to help alleviate the impact of Covid-19 in Colombia.
  • In addition to the medical aid, Sarmiento Angulo announced that a portion of the donation will go towards providing meals for the most vulnerable segments of the population nationwide, which are struggling to deal with economic impact of the quarantine.

Corporación América Airports S.A. Reports Flat Total Passenger Traffic in October 2019

Retrieved on: 
Monday, November 18, 2019
Transport, Air, Airlines, Yoy, Aviation, Avianca Brasil S.A., Avianca, Economy of Colombia

In Argentina, total passenger traffic remained flat YoY with 3.5 million passengers.

Key Points: 
  • In Argentina, total passenger traffic remained flat YoY with 3.5 million passengers.
  • Domestic passenger traffic was unchanged, facing difficult YoY comps as traffic in October 2018 had increased 16.5% YoY.
  • In Uruguay, passenger traffic declined 9.9% YoY, mainly reflecting the temporary cancellation of Avianca Colombias daily route to Bogot, Colombia, anticipated to be restored in December.
  • In Ecuador, total passenger traffic declined 1.4% YoY, as growth of 8.5% in international traffic was more than offset by a 9.7% decline in domestic traffic, due to social unrest experienced in the country in October.

Avianca Airlines Selects PASSUR Aerospace to Enhance Network Operational Excellence, with a Focus on El Dorado Hub

Retrieved on: 
Friday, October 18, 2019
Airlines, Avianca, Aviation, Economy of Colombia, El Dorado International Airport, Miami International Airport, Airline

PASSUR will initially focus on enhancing efficient and optimal traffic flow management, both on the airport surface and in the airspace.

Key Points: 
  • PASSUR will initially focus on enhancing efficient and optimal traffic flow management, both on the airport surface and in the airspace.
  • PASSUR's work supports one of the fundamental pillars of the transformation strategy operational efficiency, including improving operational indicators like on-time performance, with a strong focus on the critically important El Dorado Airport operation.
  • "We are focused on our transformation strategy; on being competitive and profitable while we strengthen service standards; and on operational optimization, beginning with the El Dorado Hub operation," said Anko van der Werff, Avianca Holdings' CEO and President.
  • "We are looking forward to working with Avianca to rapidly achieve several of the airline's important objectives," said Jim Barry, PASSUR President and CEO.

Stork Consortium Awarded 4-year Turnaround Framework Agreement by Ecopetrol in Colombia

Retrieved on: 
Monday, June 24, 2019
Oil, Gas, Energy, Commercial Building & Real Estate, Construction & Property, Companies, Ecopetrol, Economy of Colombia, Fluor Corporation, Cartagena, Barrancabermeja, FLR, stOrk, Geography of Colombia, Cartagena Refinery

Fluor Corporation (NYSE: FLR) announced today that Stork, part of Fluors Diversified Services segment, together with its consortium partners, was awarded a 4-year framework agreement for plant turnaround services by Ecopetrol S.A. for its Barrancabermeja and Cartagena refineries in Colombia.

Key Points: 
  • Fluor Corporation (NYSE: FLR) announced today that Stork, part of Fluors Diversified Services segment, together with its consortium partners, was awarded a 4-year framework agreement for plant turnaround services by Ecopetrol S.A. for its Barrancabermeja and Cartagena refineries in Colombia.
  • The Colombia-based consortium includes Stork as the international lead partner, Rampint as the local partner in Barrancabermeja and Servimant as the local partner in Cartagena.
  • Stork is extremely pleased that Ecopetrol has awarded this new turnaround contract that includes these two important refineries, said Taco de Haan , Storks president.
  • The scope of work includes providing turnaround maintenance services on the plant process units during scheduled plant shutdown periods.

Avianca Holdings Announces Management Change

Retrieved on: 
Thursday, April 25, 2019
Avianca, Airlines, Economy of Colombia, Star Alliance, Aviation, OpenTravel Alliance, Germán Efromovich

BOGOTA, Colombia, April 24, 2019 /PRNewswire/ --Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) today announced that Hernn Rincn Lema has notified the Avianca Holdings Board of Directors that he plans to retire from the Company effective April 30, 2019 after three years serving as the Company's Chief Executive Officer.

Key Points: 
  • BOGOTA, Colombia, April 24, 2019 /PRNewswire/ --Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) today announced that Hernn Rincn Lema has notified the Avianca Holdings Board of Directors that he plans to retire from the Company effective April 30, 2019 after three years serving as the Company's Chief Executive Officer.
  • Mr. Rincn joined Avianca to lead the Company's transformation process, which he has successfully accomplished, contributing to Avianca Holdings strategic evolution and positioning the Company for continued success for the next century ahead.
  • "We thank Hernn for his numerous important contributions to Avianca Holdings over the past three years, notably leading Avianca's successful joint venture agreement with United Airlines, which was transformational for the Company," German Efromovich, Avianca's Chairman of the Board.
  • "I'm proud to have contributed to the strategic evolution of Avianca Holdings over the last three years," said Mr. Rincn.

Avianca Airlines Enters Its 100th Year of Uninterrupted Operation

Retrieved on: 
Thursday, January 24, 2019
Aviation, Avianca, Star Alliance, Economy of Colombia, Business, OpenTravel Alliance, Airline, Avianca Holdings

It ratifies its position as the oldest airline in the Americas and the oldest in the world with uninterrupted operations.

Key Points: 
  • It ratifies its position as the oldest airline in the Americas and the oldest in the world with uninterrupted operations.
  • "We are evaluating the possibility of adding a second frequency to London in the near future," says Hernan Rincon, CEO and Executive President of Avianca Airlines.
  • "Regarding new destinations, Zurich looks attractive as the next destination in Europe due to its location at the center of Europe.
  • To view the latest article on how Hernan Rincon, CEO of Avianca has embraced Digital transformation, please visit https://the-european.eu/?subscribers=newsletter-v1