TOAt least three of the topics that will be addressed next Thursday, August 29, at the Ecopetrol board of directors They promise to trigger new friction between its members and repercussions on the company’s finances and management structure. most important in the country.
According to the criteria of
The resignation of two of its members was leaked in advance -Juan José Echavarría and Luis Alberto Zuleta- for allegedly denying the board permission to close the acquisition of between 20 percent and 30 percent of the assets of the Crownrock Project, owned by Occidental Petroleum Company (Oxy) in the Permian basin in the United States.
The partner and Urrá
Ricardo Roa, president of Ecopetrol.
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Photo: Private archive
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But that This is not the only issue that will widen the fissures that are already evident among the members of the board and that could trigger new resignations, accentuating the crisis of the oil company that registered a drop in its income in the last cut.
EL TIEMPO established that for some it was a surprise to learn, from the mouth of the Minister of Finance, Ricardo Bonilla, that Ecopetrol was interested in acquiring the Urrá Hydroelectric Plant, today in the public spotlight over shady energy sales contracts worth 1.4 billion pesos.
In an interview with this newspaper, Minister Bonilla said that the State Valuation Office, attached to his portfolio, has already begun to make the valuation of Urrá. and that this is one of the three public generators that the Petro government plans to buy. The others are the Caribbean Energy Generator and Marketer (GECELCA) and Energy Management SAESP, both of which are mixed-economy companies.
“That expectation of purchase has never been brought to the board. And what worries us is that, clearly, Ecopetrol has to use a partner to acquire Urrá because Law 142 expressly prohibits a distributor from entering the generation business.“a source within the oil company told this newspaper.
Roa’s couple
And he added that to that the scandal of the contracts is added, which is already in the hands of criminal, disciplinary and fiscal justice.
Indeed, as revealed by EL TIEMPO, Julian Caicedo Cano, The partner of Ecopetrol president Ricardo Roa Barragán is mentioned in one of the analyses of Urrá’s contract matrix that is being analyzed by the Ministries of Mines and Finance.
Indeed, in addition to the amount of the contracts – a total of 1.4 billion pesos – they discovered a concentration of companies in which an executive who had already appeared in a report that the board of directors of Ecopetrol had requested from the company reappeared. Control Risks, concerning the private activities of the president of the state oil company, Ricardo Roa Barragán, and potential conflicts of interest.
This is Marisol Segura Díaz who appears as a shareholder in Energéticos and Energía y Gas and as the owner of the property in Miramar, Florida (United States), which appeared as the address of a company owned by Roa Barragán’s partner.
Ricardo Bonilla, Minister of Finance.
Photo: Private archive
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From the electrical sector
Businesswoman Marisol Segura and Julian Caicedo Cano, Ricardo Roa’s partner.
Photo: Private archive
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The signature, Windsun Energy ., was created in November 2023, and one of its partners is Carlos Julián Caicedo Cano. Also listed is Tatiana Vargas Gómez, whose father (Santiago Vargas Ramos) appears as a contributor to Colombia Humana.
And although the president of Ecopetrol He said that neither he nor his partner are involved in the electricity sector, and that documents in the hands of US authorities show that the company was registered in that sector.
Roa Barragán has not commented on the Urrá case. But EL TIEMPO revealed that he again asked the Ecopetrol board to evaluate the mention of her partner in the Urrá scandal, just as it did with the purchase of the luxurious apartment where she lives from an oilman: Serafino Iacono.
Reactivation of the case at the CNE
Ricardo Roa Barragán, manager of the Petro Presidente Campaign and now head of Ecopetrol, and President Gustavo Petro.
Photo:X: Ricardo Roa
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Added to this is the fact that last week the investigation into the alleged violation of electoral limits was reactivated. the Petro Presidente campaign after the Council of State ruled that the National Electoral Council (CNE) can administratively investigate that campaign and its candidate.
Since 2017, violating the limits has been a criminal offence and Roa is directly responsible for accounting as campaign manager.
At Ecopetrol it is assured that After Thursday’s meeting there will be more moves on the board and a statement on the failed deal in the United States.
The resignation letter from the two independent members states that “after extensive deliberations, in February 2024, Business Committees
and Ecopetrol Audit recommended the The Board of Directors unanimously approved that the firm should advance efforts to acquire between 20% and 30% of the assets of the Crownrock Project, owned by Occidental Petroleum Company (Oxy) in the Permian basin in the United States.“.
Behind the resignation
Juan Jose Echavarria and Luis Alberto Zuleta.
Photo: Ecopetrol
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“In approving this project, the favorable impact was considered
would have over the company’s profits, production and reserves, and
They highlighted the low environmental effects. It was mentioned that the level of
“The debt was high but manageable. In May 2024, the Board of Directors approved by majority (seven votes in favor and two against) to acquire 30% of this project, so on July 17 the market was informed that negotiations were underway with Oxy,” they point out.
And they add that: “On the afternoon of July 31, 2024, we were informed that, in an informal meeting in Piedecuesta, Bucaramanga, President Gustavo Petro had expressed to Ricardo Roa and several members of the Board that he did not agree with the Project for three fundamental reasons: it involved investing in fracking, it meant further indebting Ecopetrol, and it involved sending resources from Colombia abroad. The Board then decided, by majority, not to continue with the business (our vote remained affirmative, of course). In addition, it was considered impossible to carry out the project without the support of the Government. July 31 was the last day to communicate our decision to Oxy without incurring subsequent fines.”
For this reason, they assure that, at least in their criteria, they believe that the project was essential to protect the future of Ecopetrol and that of more than its 250 thousand shareholders, for the reasons set forth in this document, and its non-approval motivates our resignation from the Board of Directors of Ecopetrol SA Without the future resources that the project would provide, Ecopetrol’s finances will deteriorate and the company’s transfers to the National Government will be reduced.”
The shortage of jet fuel and Its import with the name of the ‘reserved’ supplier will be another of the issues to be addressed..
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