Colombia importing crude to expand refined oil production
At a time when oil prices have dropped globally, oil producer Colombia is importing crude oil for the first time in two years to take advantage of low foreign oil prices.
At a time when oil prices have dropped globally, oil producer Colombia is importing crude oil for the first time in two years to take advantage of low foreign oil prices.
Due to a weak peso and falling oil revenue, Colombia’s external debt has grown to more than one third of the country’s entire Gross Domestic Product.
After years of steady decrease, Colombia’s unemployment rate increased again in August amid an economic slow-down caused by a global drop in commodity prices.
Colombia’s economy will grow only 2.8% in 2015, according to the country’s central bank, which on Tuesday was forced to lower its 2015 GDP growth projection due to low commodity prices.
Colombia on Tuesday announced investment incentives in the oil industry to curb dropping revenue and decreasing investment necessary for the country to not run out of oil entirely.
Colombia’s Mauricio Cardenas has been voted 2015’s best Finance Minister by economics magazine Euromoney for his “fiscal credibility and investment plans.”
Colombia offered a generous premium Monday to lure investors into a US$1.5 billion 10-year-long bond deal amid worries about the price of oil, its main export.
Of all four Pacific Alliance countries, Colombia spends most on its congressional representatives, despite the South American country’s low wages.
The United States is sending a trade mission to Bogota and Medellin to promote future investment’s in Colombia’s different sectors, including infrastructure and healthcare.