The Colombian president visited Doha on February 13 where he met with Qatar’s Amir Sheikh Tamim bin Hamad Al Thani.
Colombian President Gustavo Petro has instructed his country’s largest energy company to buy gas from Qatar in order to diversify imports in light of what he described as an “import monopoly” and rising consumer prices.
“I have decided that Ecopetrol will intervene in gas imports and purchase it from Qatar at reasonable prices. The gas import monopoly, which is prohibited by the Constitution, is coming to an end,” Petro said in a post on X on Monday.
Colombia has mainly imported its gas from the United States as well as Trinidad and Tobago at prices higher than domestic supplies, according to Bloomberg.
Including Qatar as an import source aims to boost competition and lower gas prices, which surged by 36 percent in recent weeks across different cities, including Bogota and Medellín.
However, state-owned Ecopetrol’s board has the final say on any decision regarding gas imports.
Petro went on to say that imported gas is being sold by local distributors at higher rates than the global market prices, and called for restructuring the system and conducting an investigation into the matter.
“The gas imported under the previous electricity formula determines the prices of energy sold on the stock exchange. We are being robbed across all of Colombia,” he added.
The Colombian president visited Doha on February 13 where he met with Qatar’s Amir Sheikh Tamim bin Hamad Al Thani. The discussions between both leaders centred on enhancing Qatar and Colombia’s relations, especially in the fields of economy, investment and energy.
Sheikh Tamim also visited Colombia last November, where he held similar discussions with Petro over exploring opportunities to develop both countries’ mutual investments.
The Gulf state has long been a reliable energy supplier, particularly as it ramps up its local liquified natural gas production with its multi-billion North Field expansion project.
The initial North Field East and the North Field South phase were set to increase LNG production from 77 mtpa (million tonnes per annum) to 126 mtpa by 2026.
Additionally, the new North Field West project, unveiled in February 2024, will raise production to 142 mtpa by 2030, boosting output by 85% this year and strengthening Qatar’s economy.
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