Colombia

The recently implemented economic liberalization created the political, economic and legal framework for the transformation of the Colombian economy into an open and internationally competitive one. The energy sector was the object of reforms to dismantle state monopolies, guarantee free competition...

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Bibliographic Details
Published in:International financial law review 1994-10, p.16
Main Authors: Neira-Mejia, Luis Carlos, Munoz-Mejia, Ricardo
Format: Magazinearticle
Language:English
Subjects:
Banking
Capital investments
Central banks
Competition
Corporate profits
Costs
Electric utilities
Electricity
Energy industry
Energy policy
Energy resources
Foreign investment
Fuel oil prices
Hydrocarbons
Investors
Liberalization
Monopolies
Natural gas prices
Natural gas reserves
Petroleum industry
Portfolio investments
Profitability
Public services
Regulation
Tariffs
Taxation
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Summary:The recently implemented economic liberalization created the political, economic and legal framework for the transformation of the Colombian economy into an open and internationally competitive one. The energy sector was the object of reforms to dismantle state monopolies, guarantee free competition, increase private-sector participation in the generation, transportation and commercialization of energy resources, and improve the pricing system so that tariffs would reflect the real economic cost of investment and production. The state owns virtually all subsoil rights, including those to oil and gas reserves. The state-owned oil monopoly, Ecopetrol, is charged with developing these resources either directly or in association with private companies. Colombia offers excellent opportunities for foreign investment. It has one of the most stable economies in the region and has implemented far-reaching reforms to open its economy, liberalize its markets, and eliminate trade barriers.
ISSN:0262-6969