Companies

Ecopetrol Unveils US$3.8 Billion Bid for 51% of Medellin-Based Electric Power Giant ISA

Medellin Herald January 27, 2021

Colombia’s mostly state-owned Ecopetrol oil company announced January 27 that it’s making a bid worth an estimated US$3.8 billion for the Colombian government’s existing 51% share stake in Medellin-based multinational electric power transmission giant ISA. The bid, if successful, would help

Companies

Ecopetrol Unveils US$3.8 Billion Bid for 51% of Medellin-Based Electric Power Giant ISA

Medellin Herald January 27, 2021

Colombia’s mostly state-owned Ecopetrol oil company announced January 27 that it’s making a bid worth an estimated US$3.8 billion for the Colombian government’s existing 51% share stake in Medellin-based multinational electric power transmission giant ISA. The bid, if successful, would help boost Colombia’s government finances because Ecopetrol soon would sell more of its

Companies

Sura, Axa, SBS, Mapfre Payments Net EPM US$1.1 Billion in Hidroituango Insurance Claims

Medellin Herald January 24, 2021

Medellin-based electric power giant EPM announced last night (December 23) that in addition to the US$983.4 million (COP$3.84 trillion) that project insurer Mapfre is paying for Hidroituango hydroelectric-project damages, Medellin-based insurance giant Sura just paid an additional US$100.6 million for “civil director” claims also arising from a 2018 diversion-tunnel

Companies

Update: US$2.85 Billion Hidroituango ‘Conciliation’ Fails, EPM Asks for Medellin Administrative Court to Assume Lawsuit Proceeding

Medellin Herald January 9, 2021

Medellin-based electric power giant EPM announced this morning (January 13) that it has petitioned an Antioquia Administrative Court in Medellin to assume jurisdiction over its COP$9.9 trillion (US$2.85 billion) lawsuit against Hidroituango construction contractors. The petition to the Court follows the failure last week of a “conciliation” procedure that had been

Companies

Smurfit Kappa Colombia Unveils US$50 Million Cardboard Plant Project in Guarne, Antioquia

Medellin Herald January 7, 2021

Smurfit Kappa Colombia on January 4 announced a US$50 million investment in a new corrugated-cardboard plant in Guarne, Antioquia, just east of Medellin. To make way for the new plant, Smurfit Kappa recently sold a lot in Medellin that hosts its existing, 60-years-old “Carton de Colombia” plant. Colombia Real Estate Fund-FIC, Arquitectura y Concreto and […]

Companies

EPM Extends Construction, Supervisory Contracts with Hidroituango Hydroelectric Builders

Medellin Herald December 26, 2020

Medellin-based electric power giant EPM announced December 22 that it reached agreements with all current construction, supervisory and consultancy companies to continue construction of the estimated US$5 billion, 2.4-gigawatt Hidroituango hydroelectric dam in Antioquia. The contract renewals run through December 31, 2021, but could be extended until the entire project is

Companies

Coltejer to Abandon Giant Medellin-Metro Factory, Shift Remaining Operations to Rionegro

Medellin Herald December 18, 2020

Medellin-based textile giant Coltejer revealed in a December 17 filing with Colombia’s Superfinanciera oversight agency that it now plans to abandon its foundational factory in the southern Medellin suburb of Itagüí. When this abandonment is complete, all remaining textile operations will shift to Rionegro, Antioquia, according to the company, founded in 1907 by pioneering

Companies

AngloGold Ashanti Updates ‘Quebradona’ Mine Environmental Impact Assessment; Aims to Recycle Tailings for Roads, Buildings

Medellin Herald December 16, 2020

Global mining giant AngloGold Ashanti Colombia announced December 16 that it has launched initial recycling of mine tailings near Jericó, southwest Antioquia, into a cement-like product suitable for buildings, prefab homes, roads, ceramics, paints, outdoor furniture and soil amendments. The announcement comes on the heels of new demands from Colombia’s environmental

Companies

Colombia’s Comptroller-General Blames Hidroituango Contractors, Former Officials, Politicians for US$1.18-Billion in Losses at Hidroituango Project

Medellin Herald December 3, 2020

Colombia’s Comptroller-General (Contraloria General de la Republica, CGR) Carlos Felipe Córdoba on December 3 announced long-expected mismanagement charges against 28 individuals and companies including contractors, former EPM board members, former Medellin Mayors and former Antioquia Governors for actions and omissions that contributed US$1.18 billion in losses at the

Companies

Israeli High-Tech Agriculture Companies Launch New Initiatives in Antioquia

Medellin Herald November 20, 2020

Five Israeli high-tech companies in the agriculture sector, the Antioquia departmental government and Medellin’s Agency for Cooperation and Investment (ACI) just launched a new initiative to boost investment and productivity in Antioquia’s booming agricultural-exports sector. According to a joint announcement from ACI, the Antioquia government and Israeli Ambassador to