Colombia Coal Output falls 11.7%
Colombia, the world's fifth-largest exporter of coal, produced 19.6 million tonnes in the first quarter, down 11.7 percent from output the year before, the Energy and Mining Ministry said in a statement on Wednesday. In the same period last year, Colombia produced 22.2 million tonnes. In full-year 2017, the Latin American nation produced 89.4 million tonnes, slightly below 2016 when output was 90.5 million tonnes. The biggest players in Colombia's coal industry are Drummond Co, Glencore Plc, Murray Energy Corp's Colombia Natural Resources, and Cerrejon, which is owned by BHP Billiton, Anglo American PLC and Glencore. (Reporting by Helen Murphy Editing by Susan Thomas)
Colombia Moves to Salvage Treasure from Spanish Shipwreck
Colombia is making progress towards salvaging a Spanish galleon carrying jewels and coins that sank more than 300 years ago, President Juan Manuel Santos said on Wednesday after receiving a proposal from an investor to bring it to the surface. The ship named San Jose, thought by historians to be carrying one of the largest unsalvaged maritime treasures, sank in 1708 near the historical Caribbean port of Cartagena, and its wreckage was located in 2015. "The discovery of this ship…
World Court to Draw up Nicaragua-Colombia Maritime Boundary
The International Court of Justice on Thursday said it would consider a claim by Nicaragua to expand its maritime boundaries in a mineral-rich part of the Caribbean Sea toward Colombia, a ruling set to further strain relations between the two countries. The judgment, separate from a decision earlier on Thursday in which the United Nations court said it would rule on alleged violations of Nicaragua's sovereignty, means a maritime delineation case between the two countries can proceed. In a televised address soon after the decision, Colombian President Juan Manuel Santos said he would not accept a ruling by a "third party" and would not participate in the case.
Spanish Treasure Galleon San Jose Found - Colombia
Colombia has found the wreck of a Spanish galleon that sank off the coast of Cartagena and is thought to be laden with emeralds and gold and silver coins, President Juan Manuel Santos said on Friday. More details will be provided at a news conference on Saturday, Santos said from his Twitter account. The San Jose sank in 1708 in the Caribbean Sea close to the walled port city of Cartagena. It was part of the fleet of King Philip V as he fought the English during the War of Spanish Succession. "Great news! We have found the San Jose galleon. Tomorrow we will provide details at a press conference from Cartagena," Santos tweeted. The government's claim on Friday did not shed light on a legal wrangle with Sea Search Armada…
Ecopetrol Cartagena Oil Refinery to Restart by March
Colombian state-run oil producer Ecopetrol will fully restart its Cartagena refinery by March, Chief Executive Officer Juan Carlos Echeverry said on Thursday. The action will make Colombia self-sufficient in refined oil products it has had to import in increasing quantities during the facility's refurbishment, which will more than double its capacity to 165,000 barrels per day. "We expect that by March at the latest the refinery will be working one hundred percent" and starting to come on line in the third quarter, Echeverry said of Colombia's second biggest refinery during a conference call. The expansion, estimated to cost more than $6.4 billion…
Magdalena River Project Dredges Up Economic Promise
The hulking backhoe dredges up rocks and silt from the shallows of the muddy Magdalena River in the first laborious step to transform the waterway into an engine of economic growth. The excavation along a verdant stretch near Barrancabermeja, an inland oil and coal hub, is part of a $600 million government bid to reclaim the river, once Colombia's primary transport route. By clearing logjams, the aim is to allow big cargo barges to steam up 900 km (560 miles) from the Caribbean coast to Puerto Salgar, close to the capital Bogota.
Colombia's Oil Sector Rejects Proposed Tax Reform
Colombia's oil sector on Saturday hit out at a proposed tax reform that the government has presented to Congress, arguing that higher duties on corporate earnings would damage the already troubled driver of the economy. A bill was presented to Congress on Friday that seeks to raise an additional 53 trillion pesos ($26.2 billion) over the next four years, including a tax on earnings above 1 billion pesos at 12 percent, up from 9 percent currently. The government also extended a bank transaction tax through 2018 and will ask Congress to approve a charge on individual assets above 1 billion pesos. "Changing the tax structure will affect the push made over the last five years that the sector has made to the economy," the Colombian Oil Association said in a statement.
Drummond Construction Barge Sinking Flags Pollution Concern
A barge carrying construction materials for U.S.-based Drummond Co Inc, Colombia's second biggest coal miner, was shipwrecked at the company's port late last week, the company said on Sunday, causing leakage of some diesel fuel into the sea. Drummond only recently reopened the port in northern Colombia after the government had shut down operations until the miner completed an upgrade to meet new environmental legislation. It missed the January deadline for finishing work. RCN Radio said the vessel was carrying 60 gallons (227 liters) of diesel oil. A Drummond statement confirmed the incident and said the crew was rescued but did not mention the amount of fuel that leaked into the sea.
