Colombia’s 2025 pure fuel funding seen up 35% to $1.1 billion, Naturgas affiliation

BOGOTA (Reuters) -Funding in Colombia’s pure fuel business is anticipated to extend by 34.6% to $1.1 billion in 2025, pushed by exploration and manufacturing efforts to scale back the gasoline deficit, affiliation president Luz Stella Murgas mentioned on Tuesday.

Investments in pure fuel within the Latin American nation reached $817 million in 2024.

Of the $1.1 billion projected for 2025, $1.007 billion will probably be allotted to exploration and manufacturing — a 37% year-on-year improve — whereas $50 million will deal with distribution and advertising, Murgas mentioned.

“The funding quantity is in step with the necessity to improve the nation’s fuel provide,” the Naturgas president added, noting 11 tasks have been recognized.

The affiliation forecasts a fuel deficit of round 5% this yr, rising to twenty% by 2026, on account of lowered exploration linked to President Gustavo Petro’s vitality transition insurance policies aimed toward reducing fossil gasoline dependence.

(Reporting by Nelson Bocanegra; Enhancing by Aida Pelaez-Fernandez)