US sanctions prevent Colombian Ecopetrol from purchasing Monomeros gas from Venezuela

Due to U.S. sanction, Colombian state-run Energy Company Ecopetrol is unable to acquire Venezuelan owned fertilizer producer Monomeros Colombo Venezolanos, or purchase natural gas from Venezuela, said Monica de Greiff on Caracol Radio Station.

In July, Colombia's Mines and Energy Minister Edwin Palma said the government had signed a confidentiality agreement with Venezuela to exchange information related to a potential acquisition of Barranquilla-headquartered Monomeros.

De Greiff stated that "Ecopetrol is unable to purchase Monomeros because of the sanctions imposed by America."

The Office of Foreign Assets Control of the U.S. Treasury Department has placed Venezuela on its sanctions list, which limits transactions with Venezuelan entities. Monomeros is owned and operated by the state-owned petrochemical firm Pequiven.

De Greiff said that Ecopetrol was also unable, for the same reasons, to purchase gas directly from Venezuela.

In an earlier statement, Palma expressed his confidence that gas imports to Venezuela would begin before the end of this year.

The government's efforts to reduce its dependence on fossil fuels have led to a dramatic decline in exploration. (Reporting and editing by Alistair Bell; Reporting by Nelson Bocanegra)

(source: Reuters)