After the announcement of the departure of Felipe Bayón from the presidency of Ecopetrol, the oil company’s share fell on Friday, a trend that continues this Monday, at the beginning of the week, on the Colombian Stock Market.
The title of the state company loses 0.92% and is trading at $2,583.
At the departure of Bayón, who will leave office at the end of March, the concerns of investors due to the government’s aversion towards fossil fuels are added.
Bayón leaves his post amid President Gustavo Petro’s push for the country to transition to renewable energy and not allow new oil and gas exploration.
“Considering the quality of Ecopetrol’s management team and high governance standards in recent years, the departure of Felipe Bayón will likely be frowned upon by investors,” Daniel Guardiola, an economist at BTG Pactual, told the Bloomberg agency.
“Investor concerns about government interference are likely to grow,” added the expert.
Ecopetrol’s losses are also added to those of energy companies.
ISA’s share lost 0.51% to $19,460, while that of Grupo Energía de Bogotá is trading at $1,585, a figure that represents a fall of 1.49%.
This is due to the announcements made by President Gustavo Petro that he will assume control, temporarily and directly, of the regulation of residential public services in the country.
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