Latest news with #Refinery
Yahoo
2 days ago
- Business
- Yahoo
Continuation of the customs adjustment process initiated by the Tax Authority
BOGOTA, Colombia, June 26, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company" or "Ecopetrol" and together with its subsidiaries, the "Ecopetrol Group") informs that on May 29, 2025, the Dirección de Impuestos y Aduanas Nacionales (the "Tax Authority") notified Refinería de Cartagena S.A.S. (the "Refinery") of two resolutions mandating the Refinery to conduct correction assessments in relation to customs import declarations for gasoline. In accordance with the Tax Authority's interpretation of the law, the Refinery owed approximately COP 1.0 trillion, plus estimated interests to date of COP 2.1 trillion, for the import of gasoline between 2022 and 2024. On June 26, 2025, the Refinery filed the corresponding motions for reconsideration against the aforementioned customs correction assessments. The official assessments notified by the Tax Authority to the Refinery reflect the continued differences in regulatory interpretation between the Tax Authority and the Ecopetrol Group—an issue that the Refinery has detailed in its motions for reconsideration. Considering that the Tax Authority has decided to apply its regulatory interpretation, Ecopetrol and the Refinery have been making VAT payments on gasoline and diesel imports at the 19% rate since January 2025. It is important to note that these VAT payments do not affect Ecopetrol's and the Refinery's rights to challenge the Tax Authority's interpretation at the appropriate time and before the relevant authorities. Ecopetrol and the Refinery reaffirm their commitment to fully comply with their customs and tax obligations and will respect the decisions issued in this matter by the competent authorities, as stated on May 6, 2025 in a communication published through this medium. Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the Company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital Markets Carolina Tovar Aragón Email: investors@ Head of Corporate Communications (Colombia)Marcela Ulloa Email: View original content to download multimedia: SOURCE Ecopetrol S.A.
Business Insider
15-06-2025
- Business
- Business Insider
Dangote refinery to kick off nationwide fuel distribution
Dangote Petroleum Refinery has announced a major fuel distribution initiative set to begin on August 15, 2025, aimed at transforming Nigeria's downstream petroleum sector. Dangote Petroleum Refinery announced a fuel distribution initiative starting August 15, 2025. The program aims to supply PMS and diesel across Nigeria to various sectors, including energy and aviation. To remove logistical challenges, the company will provide complementary logistics support to buyers. Dangote Petroleum Refinery has announced a major fuel distribution initiative set to begin on August 15, 2025, aimed at transforming Nigeria's downstream petroleum sector. 'Effective 15th of August 2025, the Refinery will begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country, with free logistics to boost the distribution network,' the refinery said in a statement on X. To eliminate logistics bottlenecks and reduce distribution costs, the company offers free logistics support to fuel purchasers as part of the programme. This move is expected to significantly lower fuel costs, especially for key sectors, and ease inflationary pressure. To support the smooth rollout, Dangote Refinery has invested in 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers. The company is also building CNG refuelling infrastructure across the country, supported by a fleet of over 100 additional CNG tankers to ensure seamless product movement. Credit support for high-volume purchases The refinery, the world's largest single-train refinery, also announced a credit facility for high-volume buyers. Those purchasing a minimum of 500,000 litres will qualify to receive an additional 500,000 litres on credit for two weeks, backed by a bank guarantee. In a statement released by the company, Dangote Refinery described the initiative as a 'strategic programme' aligned with its commitment to enhancing energy efficiency, promoting sustainability, and driving inclusive economic growth.
India Gazette
20-05-2025
- Business
- India Gazette
India's core industries output grows 0.5% in April, lowest in 8 months
New Delhi [India], May 20 (ANI): The combined Index of Eight Core Industries (ICI) increased by 0.5 per cent (provisional) in April 2025 as compared to the index in April 2024, the commerce ministry said in a statement Tuesday. According to reports, it is the lowest in 8 months. The production of cement, coal, steel, electricity and natural gas recorded positive growth in April 2025. The Index of Eight Core Industries (ICI) is a key economic indicator in India, measuring the combined and individual performance of eight core industries. The eight core industries are coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The final growth rate of the Index of Eight Core Industries for January 2025 was observed at 5.1 per cent. The cumulative growth rate of ICI from April to March, 2024-25 is 4.5 per cent (provisional) as compared to the corresponding period of last year. The summary of the Index of Eight Core Industries is given below: Coal - Coal production (weight: 10.33 per cent) increased by 3.5 per cent in April 2025 over April 2024. Its cumulative index increased by 5.1 per cent during April to March, 2024-25 over the corresponding period of the previous year. Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 2.8 per cent in April 2025 over April 2024. Its cumulative index declined by 2.2 per cent during April to March, 2024-25 over the corresponding period of the previous year. Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 0.4 per cent in April 2025 over April 2024. Its cumulative index declined by 1.2 per cent during April to March, 2024-25 over the corresponding period of the previous year. Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) declined by 4.5 per cent in April 2025 over April, 2024. Its cumulative index increased by 2.8 per cent during April to March, 2024-25 over the corresponding period of the previous year. Fertilisers - Fertiliser production (weight: 2.63 per cent) declined by 4.2 per cent in April 2025 over April 2024. Its cumulative index increased by 2.9 per cent during April to March, 2024-25 over the corresponding period of the previous year. Steel - Steel production (weight: 17.92 per cent) increased by 3.0 per cent in April 2025 over April 2024. Its cumulative index increased by 6.9 per cent during April to March, 2024-25 over the corresponding period of the previous year. Cement - Cement production (weight: 5.37 per cent) increased by 6.7 per cent in April 2025 over April 2024. Its cumulative index increased by 6.3 per cent during April to March, 2024-25 over the corresponding period of the previous year. Electricity - Electricity generation (weight: 19.85 per cent) increased by 1.0 per cent in April 2025 over April 2024. Its cumulative index increased by 5.2 per cent during April to March, 2024-25 over the corresponding period of the previous year. Aditi Nayar, Chief Economist, Head - Research and Outreach, ICRA Ltd, 'The performance of the core sector deteriorated significantly in April 2025, with the YoY growth slumping to an 8-month low of 0.5 per cent in the month from the upward revised 4.6 per cent in March 2025. The deceleration was broad-based, led by six of the eight sectors barring coal and natural gas.' 'Based on the tepid rise in the core sector and the performance of the other available high-frequency indicators, ICRA expects the IIP growth to moderate sharply to 1.0 per cent in April 2025. The healthy growth in non-oil exports may provide an upside, unless the same represents round-tripping of some imports,' Nayar added. (ANI)
