The sale of fracking operations that Colombia has in the United States could cause losses of up to USD4,200 million.
The action of the Ecopetrol state oil company suffered a significant drop in stock markets from Colombia and the United States after the request of President Gustavo Petro to sell the country’s participation in fracking operations in the United States.
The ADR (American depositary recept) of Ecopetrol on Wall Street, the main market in the United States, fell 3.6%standing at USD9,48.
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In the case of the Colombian Stock Exchange (BVC), the action of the Colombian oil company retreated 3.17%located at $ 1,985.
The volatility in the price of the action occurs after President Gustavo Petro stated that Ecopetrol must sell his participation in the project with the Oxy multinational that is developed in Texas (United States) in which the fracking technique is used.
“We are against fracking because it is the death of nature and humanity. I want that operation to be sold to invest in clean energy. That is discussed technically and economically, but it cannot be that we are for death and not for life, ”said the president.
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According to experts, with the Sale of fracking operations in the United States could cause losses of up to USD4.2 billion for Colombia, affecting the company’s oil production.
The behavior of the action of Ecopetrol reflects the tension of national and international markets on the future of investments That they are made in the Colombian oil company, as well as its dependence on the Petro government and the interference of political issues.
Source: Integrated information system
