MEXICO CITY (Pakistan Point News / Sputnik - 08th October, 2022) The government of Colombian President Gustavo Petro will not enter into new contracts for the exploration and development of hydrocarbons in the country, Vice Minister of Energy Belizza Ruiz said.
"There will be no new contracts for the exploration and production of hydrocarbons in the country," Ruiz said at the annual Naturgas Congress in Colombia's Cartagena on Friday, as broadcast by Caracol Radio.
She added that all current contracts remain in force and there should be no fuel deficit in Colombia.
Blocking new contracts in the oil and gas industry was part of the election campaign of President Gustavo Petro. Local experts have warned that the implementation of this plan could lead to the need to import hydrocarbons in a few years and a twofold increase in the cost of gasoline on the domestic market.
Petro, 62, took the presidential oath and was sworn in for a four-year term in a ceremony at Bolivar Square in Colombia's capital, Bogota, in August.
