Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has successfully completed the Brazilian tender offer that will allow the Colombian energy company to take control of Brava Energia S.A. (B3: BRAV3), acquiring approximately 25% of the Brazilian oil and gas producer through an August 5 auction on the B3 exchange.

Ecopetrol’s Brazilian subsidiary, Ecopetrol Investimentos do Brasil Ltda., acquired 116,110,717 common shares at R$23 per share. The shares represent approximately 25% of Brava Energia’s issued and outstanding share capital. Ecopetrol said the auction attracted strong market demand and was completed after all applicable regulatory requirements and conditions precedent for the offer were satisfied.

“We expect to disclose the results of the OPAV together with any other material developments related to the transaction.” – Ecopetrol S.A.

The auction is the second major component of Ecopetrol’s plan to obtain a 51% controlling voting stake in Brava Energia. In April, Ecopetrol agreed to acquire approximately 26% of Brava from a group of significant shareholders through a separate share purchase agreement. Combining that transaction with the shares acquired through the OPAV is expected to give Ecopetrol approximately 51% of Brava’s voting share capital.

CVM suspension cleared the way for the auction

The successful auction follows a regulatory dispute that temporarily interrupted the transaction.

Brazil’s Comissão de Valores Mobiliários (CVM) suspended the tender offer on June 16 after its technical division identified issues requiring adjustments to the offer documentation. The suspension initially threatened the planned June 25 auction.

Ecopetrol and the offer’s intermediary institution appealed the decision. On July 14, the CVM’s Collegiate Board granted the appeal, reversing the basis for the suspension and allowing the offer process to proceed following the required amendments.

Ecopetrol subsequently published a revised offer document on July 20 incorporating the regulator’s recommendations and reopened the OPAV. The revised timetable established August 5 as the auction date and August 17 as the financial settlement date.

The transaction also cleared another important condition before the auction. Brazil’s competition authority, CADE, granted the relevant merger-control approval, which became final in June. The amended offer documentation also reflected waivers obtained from Brava’s debenture holders concerning the change of control.

Ecopetrol targets a larger Brazilian oil and gas position

The Brava transaction represents a bigger expansion of Ecopetrol’s position in Brazil, where the Colombian company has operated for approximately two decades.

Brava Energia was created in 2024 through the merger of 3R Petroleum Óleo e Gás and Enauta Participações. The company operates oil and natural gas assets across multiple Brazilian basins, including both offshore and onshore operations, as well as midstream activities. At the end of 2025, Brava reported approximately 459 million barrels of oil equivalent in reserves.

Ecopetrol said the acquisition is intended to strengthen its international exploration and production portfolio and diversify its reserve and production base. The company already holds Brazilian upstream interests, including a stake in the Gato do Mato development in the Santos Basin.

Settlement will complete the control transaction

Although the auction has been successfully completed, the transaction is not yet fully settled.

Ecopetrol said the OPAV shares will be paid for and settled on August 17, 2026. On the same date, the company expects to consummate the April share purchase agreement covering the approximately 26% stake held by the existing shareholder group, subject to completion of the remaining procedures required under the transaction agreements and applicable regulations.

Ecopetrol plans to initially finance the transaction through a short-term bridge facility arranged through Ecopetrol Capital AG. The company said it expects to refinance that facility through a combination of long-term debt and equity contributions, with the objective of maintaining a capital structure consistent with its leverage targets and credit ratings.

Once both components are completed, Ecopetrol is expected to hold approximately 51% of Brava Energia’s voting share capital, giving Colombia’s state-controlled energy company control of a major independent Brazilian oil and gas producer.

The successful August 5 auction therefore marks the key operational step in Ecopetrol’s planned takeover. The remaining milestone is financial settlement on August 17, after which the company expects the combined transactions to establish its controlling position in Brava Energia.

Headline photo: Ecopetrol headquarters in Colombia (Photo shared by Ecopetrol via their website)

Ecopetrol closed its purchase of Enerfín Colombia — the Statkraft renewables subsidiary that owns Portón del Sol — along with six other special-purpose solar entities totaling roughly 0.6 gigawatts, on November 13, 2025, for $157.5 million USD, part of a broader deal that also includes wind assets still pending closing. Announcing the sale in May 2025, Statkraft’s Executive Vice President for Europe, Barbara Flesche, said: “The deal confirms that Enerfín has built a skilled team and an attractive portfolio in Colombia. We are looking forward to watching the business grow under new ownership.” Ecopetrol and Portón del Sol signed a merger commitment on March 5, 2026, and Ecopetrol’s shareholders approved the absorption at the General Shareholders’ Meeting on March 27, 2026. The plant, located in La Dorada, in the department of Caldas, was Colombia’s first utility-scale solar plant and would fold entirely into Ecopetrol, which has said the move is meant to simplify management of its renewable-generation assets and capture tax and administrative efficiencies. Because Ecopetrol is the surviving entity, Article 6.4.1.1.42 of Decree 2555 of 2010 requires it to bring the transaction before a General Bondholders’ Meeting for each outstanding local issuance before it can close.

Alianza Valores Fiduciaria S.A. and Itaú Fiduciaria Colombia S.A., the legal representatives of Ecopetrol’s local bondholders, issued the meeting notices at Ecopetrol’s request under Article 6.4.1.1.18 of Decree 2555 of 2010, publishing them in the newspaper La República.

Holders of the 2010 issuance, Series A (COC04CBVP023) — Colombian peso bonds indexed to the Consumer Price Index (CPI), placed December 1, 2010, maturing December 1, 2040, paying CPI plus 4.90%, with $284,300 million COP outstanding — meet at 2 p.m. Bogotá time. Attendance is in person at Carrera 37 No. 24-24, Centro de Innovación Bogotá, or virtually via Ecopetrol’s 2010 bondholder platform, hosted on the electronic system of Deceval S.A. (Depósito Centralizado de Valores de Colombia), Colombia’s central securities depository. Besides voting on the merger itself, that meeting will hear Alianza Fiduciaria’s opinion on the transaction and a reading of the opinion issued by Fitch Ratings Colombia S.A.S., and will delegate the appointment of a chairperson and secretary to the Bondholders’ Representatives under Legal Circular 006 of 2025 from the Superintendencia Financiera de Colombia (Financial Superintendency of Colombia).

Holders of the 2013 issuance (COC04CBVP007) — also CPI-linked pesos, placed August 27, 2013, split into a 15-year tranche maturing 2028 at CPI plus 4.90% ($347,500 million COP outstanding) and a 30-year tranche maturing 2043 at CPI plus 5.15% ($262,950 million COP outstanding) — meet at the same venue at 3:30 p.m., or virtually via Ecopetrol’s 2013 bondholder platform. That meeting follows a similar agenda, with two differences: bondholders appoint their own chairperson and secretary directly rather than delegating the task, and the opinion on the merger comes from Itaú Fiduciaria Colombia S.A. (formerly Helm Fiduciaria S.A.) rather than Alianza.

Both meetings are convened under Article 19 of Law 222 of 1995 and Decree 398 of 2020, Colombia’s rules governing virtual corporate meetings. Requirements for participating are posted on Ecopetrol’s investor relations site.

The bondholder votes follow other recent debt moves at Ecopetrol, which in April 2026 refinanced $1.25 billion USD in external debt and closed a separate state subsidy settlement. Ecopetrol employs more than 19,000 people and, besides oil and gas production and refining, holds a 51.4% stake in Interconexión Eléctrica S.A. (ISA) (BVC: ISA), giving it interests in regional power transmission, the Barranquilla-Cartagena highway concession, and, through XM, administration of Colombia’s wholesale electricity market.

Above image: Gas well Orca Norte -1. Photo: Ecopetrol

Grupo Éxito (BVC: EXITO), Colombia’s largest retail operator, has appointed two senior executives to newly defined C-suite roles as part of a long-term strategy centered on commercial competitiveness and digital transformation. The company named Paula Sanabria as Chief Commercial Officer and Juan Camilo Suárez as Chief Digital and Technology Officer, effective immediately.

Sanabria holds a degree in business administration from the Universidad Internacional de las Américas in San José, Costa Rica, and brings 26 years of experience in the retail sector. Her background spans strategic category management, high-performance team development, and results-oriented commercial execution.

Suárez is an industrial engineer from Universidad EAFIT in Medellín, and has supplemented his academic preparation with studies at the Massachusetts Institute of Technology, Duke University, and Stanford University. He has more than 28 years of experience directing digital operations and enterprise transformation processes across Latin America, with a focus on strategic planning, innovation, customer experience, and business transformation.

The appointments come as Grupo Éxito continues reorganizing its senior leadership following the January 2024 acquisition of a controlling stake by Salvadoran conglomerate Grupo Calleja, which now holds approximately 86.84% of the company. The retailer operates stores under multiple banners in Colombia, Uruguay, and Argentina, including Éxito, Carulla, Surtimax, Super Inter, Surtimayorista, Devoto, and Disco, among others.

According to the company, the two appointments are intended to reinforce capabilities in commercial management, innovation, customer intelligence, and technological evolution — areas the company has identified as central to strengthening its regional position and generating greater operational synergies across the markets where it operates.

Grupo Éxito, formally known as Almacenes Éxito S.A., completed the process of delisting its American Depositary Shares from the New York Stock Exchange and deregistering from US securities reporting obligations in early 2026. The company’s shares continue to trade on the Colombian Stock Exchange (Bolsa de Valores de Colombia) under the ticker symbol EXITO, which remains its primary market.

Image courtesy Grupo Éxito

A new English-language microsite aimed at foreign portfolio investors in Colombia’s capital markets went live June 3, the product of a public-private working group that has been operating since late 2023. The platform, called “Foreign Portfolio Investor,” is accessible through the website of the Financial Superintendency of Colombia (Superintendencia Financiera de Colombia, SFC) at superfinanciera.gov.co.

The microsite offers information in English on the structure of the Colombian capital market, its participants, operating procedures covering enrollment, ongoing participation and divestment, issuers and issuances, links to statistical data, applicable regulations, and frequently asked questions. The initiative operates under the broader program titled Mercado de Capitales en Colombia, Colombia Destino de Inversión (Capital Markets in Colombia, Colombia Investment Destination).

The web page can be reached at: https://www.superfinanciera.gov.co/publicaciones/10115712/foreign-portfolio-investor/ 

“Historically, foreign investors have faced the challenge of understanding the functioning of the Colombian securities market,” said SFC Financial Superintendent César Ferrari (above photo). “The new microsite is a first step in addressing this challenge by offering, in clear English, information necessary to make foreign portfolio investments in Colombia.”

The working groups behind the project brought together several government bodies, including the Banco de la República, the Financial Regulatory Unit (Unidad de Regulación Financiera, URF) of the Ministry of Finance, and the National Tax and Customs Directorate (Dirección de Impuestos y Aduanas Nacionales, DIAN). From the private sector, the Securities Market Self-Regulator (Autorregulador del Mercado de Valores, AMV) and the Colombian Stock Exchange (Bolsa de Valores de Colombia, BVC: BVC) contributed to the platform’s development.

Carlos Emilio Betancourt Galeano, Director General of the DIAN, said the microsite addresses a core barrier to attracting foreign capital. “Providing clear and easily accessible information reduces barriers, improves understanding of the regulatory environment and strengthens the confidence of international investors,” he said.

URF Director Larisa Caruso said the platform addresses language as a structural obstacle to market participation. “This microsite represents an important milestone to strengthen the internationalization of the Colombian capital market and will allow foreign investors to better understand the regulation and the particularities of the local market, promoting greater transparency, trust and access to information, while contributing to reducing entry barriers associated with language,” she said.

AMV President Hernán Alzate described the launch as part of a longer-term positioning effort. “It represents a decisive step to position Colombia as an attractive and reliable destination for international investment,” he said. “Facilitating access to clear and timely information is critical to strengthening foreign investor confidence in an increasingly interconnected world.”

Andrés Restrepo Montoya, CEO of the BVC, framed the microsite as part of the exchange’s ongoing efforts to draw international capital. “To attract investment we must also facilitate access to clear and reliable information,” he said. “This is an important step to bring foreign investors closer to the Colombian capital market.”

The initiative comes as Colombia’s capital markets face scrutiny from international investors and ratings agencies over the country’s fiscal trajectory. The working group structure that produced the microsite has been active since late 2023, with the SFC serving as lead coordinator across multiple public and private stakeholders.

Ecopetrol S.A. (NYSE: EC, BVC: ECOPETROL) reported first-quarter 2026 consolidated revenues of 28.6 trillion COP, a decline of 8.7% from 31.4 trillion COP in the year-earlier period, as lower crude oil prices and reduced hydrocarbon production compressed the top line for Colombia’s state-controlled oil and gas company. Against that backdrop, a marked recovery in refining margins and disciplined cost management lifted EBITDA by 1.5% to 13.5 trillion COP, yielding a 47% EBITDA margin and partially offsetting the revenue headwind. At the Q1 2026 average exchange rate of approximately 3,700 COP per USD, the quarter’s revenues translate to roughly $7.73 billion USD and EBITDA to approximately $3.65 billion USD.

Embattled Ecopetrol CEO Ricardo Roa was appointed to the position by Colombian President Gustavo Petro after managing his political campaign. (photo: Ecopetrol)

Net income for the quarter reached 2.9 trillion COP (approximately $784 million USD), down 7.7% year-over-year, reflecting the combined drag of lower revenues, a sharply elevated effective tax rate of 37.1%, and a one-time charge of 1.2 trillion COP for the impuesto al patrimonio — Colombia’s government-mandated wealth levy on large corporations established to fund post-disaster reconstruction measures. The company is also subject to a 10% income tax surcharge applicable for fiscal year 2026, which is embedded in the reported effective rate. The aggregate tax burden absorbed a disproportionate share of operating improvement relative to prior periods, limiting the flow-through of refining gains to the net income line.

Total hydrocarbon production averaged 725.2 thousand barrels of oil equivalent per day (kboed) in Q1 2026, below the 745 kboed recorded in the 2025 annual average cited by management during the March 2026 general shareholders’ meeting. Domestic crude output represented the largest component at approximately 520 thousand barrels per day (kbd). Ecopetrol’s Permian Basin operations in the United States contributed 91.8 kbd, underscoring the continued strategic importance of the international segment. Gas production continued a multi-year declining trend that poses a medium-term domestic supply challenge; management has sought to address this partially through regasification capacity additions at Puerto Bahía and on the Pacific coast, expected to come online in the second half of 2026 with a combined contribution of up to 430 billion BTU per day.

The refining segment delivered the quarter’s most pronounced operational outperformance. Ecopetrol’s domestic refineries, led by Refinería de Cartagena, processed 417.5 kbd of crude throughput. The integrated refining margin rose to $17.3 USD per barrel, a 60% improvement over the same quarter of 2025, driven by favorable differential pricing between domestic crude benchmarks and refined product values alongside ongoing operational efficiency improvements. The Comisión de Regulación de Energía y Gas (CREG) and the Ministerio de Minas y Energía remain central to the regulatory framework governing downstream margins over the medium term.

The balance sheet carries significant structural and contingent risk items of direct relevance to institutional credit and equity holders. Gross debt stood at 108.1 trillion COP (approximately $29.2 billion USD), representing a leverage ratio of 2.3 times trailing EBITDA — a level that leaves limited room for further deterioration before debt covenants or rating agency thresholds become binding. Ecopetrol holds a receivable of 4.2 trillion COP (approximately $1.14 billion USD) from the Fondo de Estabilización de Precios de los Combustibles (FEPC), a government fuel price stabilization mechanism that represents a claim on the Colombian treasury with timing and recovery risk. A dispute with the Dirección de Impuestos y Aduanas Nacionales (DIAN) over value-added tax assessments totals 12.26 trillion COP (approximately $3.31 billion USD) in aggregate, of which 10.22 trillion COP relates to Ecopetrol’s consolidated operations and 2.04 trillion COP to Refinería de Cartagena. Both cases are under administrative and judicial review; no provisions have been recognized in the financial statements pending resolution, but the potential liability represents a material contingency relative to the company’s quarterly net income.

On the corporate development front, Ecopetrol disclosed three significant transactions during or following the quarter. The company agreed to acquire producing assets from Gran Tierra Energy (NYSE: GTE, TSX: GTE) for $92.4 million USD, adding Colombian upstream production inventory in basins where both companies have operated. In Brazil, Ecopetrol launched a tender offer for shares of Brava Energia (BVMF: BRAV3) at 23 BRL per share, seeking to expand its footprint in that country’s oil and gas sector. And in a transaction that would reshape the mid-size independent landscape in Colombia, the company reached an agreement to acquire Parex Resources (TSX: PXT) for $250 million USD; Parex is a Colombia-focused producer with a complementary asset base across the Llanos and other producing basins. Collectively, the three transactions signal that Ecopetrol’s capital allocation strategy under the current government continues to favor upstream consolidation despite the elevated leverage profile.

The exploration portfolio generated positive news announcements. The Copoazú-1 exploratory well, drilled in Colombia’s Llanos foothills region, was confirmed as a commercial discovery, adding to the domestic reserve base. The Sirius offshore project advanced through the Consulta Previa process — a legally mandated prior consultation with indigenous and Afro-Colombian communities required before development of projects in or near their territories — reaching a milestone in community engagement that brings the project closer to formal development sanction. The Agencia Nacional de Hidrocarburos (ANH) oversees the licensing framework within which both projects operate.

“Ecopetrol is listed on the New York Stock Exchange; we are governed by the strict regulations of US federal agencies. Agencies like OFAC and the SEC could intervene in the company and could even accelerate the payment of financial obligations, which would be extremely grave for Ecopetrol.” — Martín Ravelo, President, Unión Sindical Obrera (USO)

The ISA transmission segment, managed through Ecopetrol’s majority stake in ISA — Interconexión Eléctrica S.A., contributed stable regulated cash flows during the quarter. ISA completed 46 transmission reinforcement works across its Latin American concession portfolio. The segment also completed the acquisition of 100% of IE Madeira in Brazil, consolidating its position in that country’s power grid interconnection infrastructure. ISA further submitted a competitive bid for the Río Bueno–Puerto Montt high-voltage transmission line concession in Chile, demonstrating the group’s appetite for long-duration, inflation-linked infrastructure assets across the Andes region. For institutional investors evaluating Ecopetrol as a blended hydrocarbons-and-infrastructure holding, ISA’s consistent cash generation provides partial diversification from crude price volatility, though it does not insulate the consolidated entity from headline governance risk.

The most consequential variable for the investment thesis over the near term is Ecopetrol’s prolonged governance crisis. At the company’s general shareholders’ meeting on March 27, 2026, held at the Corferias convention center in Bogotá, minority shareholders loudly heckled president Ricardo Roa — with audible shouts of “¡Fuera, fuera!” reverberating through the hall — as debate over his leadership erupted into open confrontation. The meeting approved a dividend of 121 COP per share for minority holders and a 4 trillion COP distribution to the Colombian government as majority shareholder, payable in two installments by June 30, 2026. Despite the financial business conducted, governance overshadowed the proceedings.

Roa faces two separate judicial proceedings. The Fiscalía General de la Nación formally charged him in connection with alleged influence peddling related to the purchase of an apartment in northern Bogotá — charges he has denied. Separately, the Consejo Nacional Electoral (CNE) is examining whether campaign spending limits were violated during President Gustavo Petro’s 2022 presidential campaign, which Roa managed — an investigation that Finance Colombia has covered in detail. Angela Maria Robledo, Chair of the Board of Directors, defended the board’s decision to retain Roa at the March assembly, citing the constitutional presumption of innocence. However, four of the nine board members had already formally recorded their support for his removal at that point, exposing a divided governance structure at a time when strategic and operational decisions require unified leadership.

The Unión Sindical Obrera (USO), which represents approximately one-third of Ecopetrol’s workforce, issued a production strike ultimatum timed to a March 30 board meeting. Martín Ravelo, president of the USO, framed the leadership crisis explicitly in terms of US regulatory risk: “Ecopetrol is listed on the New York Stock Exchange; we are governed by the strict regulations of US federal agencies. Agencies like OFAC and the SEC could intervene in the company and could even accelerate the payment of financial obligations, which would be extremely grave for Ecopetrol.” Ravelo further warned that the company’s outstanding international debt — which he placed at approximately $30 billion USD and which is exacerbated by elevated interest rates — left Ecopetrol exposed to potential covenant triggers or early repayment demands in a scenario where the Securities and Exchange Commission (SEC) or the Office of Foreign Assets Control were to take enforcement action.

Following sustained pressure from the USO, minority shareholders, and opposition political figures, Ecopetrol’s board approved an extended leave of absence for Roa beginning April 7, 2026. Under the arrangement, Roa used accrued vacation through May 27, followed by 30 calendar days of unpaid leave beginning May 28, extending his absence through the end of June — a period encompassing Colombia’s presidential first round on May 31 and a potential runoff on June 21. Juan Carlos Hurtado Parra, the company’s executive vice president of hydrocarbons and designated first alternate to the presidency since November 2025, was appointed acting president. Hurtado Parra holds an MBA in International Oil and Gas and brings more than 28 years of energy sector experience to the acting role, having previously served as vice president of exploration, development, and production.

The political calendar creates a structural transition risk that sits above the operational and financial results as the primary concern for long-duration investors. Colombia’s incoming government, to be inaugurated August 7, 2026, is widely expected to appoint a new Ecopetrol board and select a new company president. That transition may bring material shifts in strategic priorities — including the pace of upstream investment, the approach to the FEPC receivable recovery, the trajectory of energy transition spending, and the capital allocation balance between the hydrocarbons segment and the ISA infrastructure platform. The Ministerio de Hacienda y Crédito Público and the Ministerio de Minas y Energía will both play key roles in establishing the post-election policy framework under which Ecopetrol operates. Institutional investors holding exposure to Ecopetrol via NYSE: EC or BVC: ECOPETROL must weigh Q1’s genuine operational improvement — most visibly in refining margins and EBITDA stability — against a governance and policy transition risk profile that is unlikely to be resolved before the August handover.

Ecopetrol’s Cartagena refinery (photo courtesy Ecopetrol)

Grupo Energía Bogotá (BVC: GEB) and La Caisse, the investment arm of Caisse de dépôt et placement du Québec, have signed a final agreement to merge their respective Brazilian power transmission assets into a single 50/50 jointly controlled platform operating under the name Verene Energia S.A. The transaction was announced May 15, 2026, from Montréal and Bogotá.

The combined entity will consolidate 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and a workforce of over 400 employees across 17 Brazilian states. At that scale, Verene will rank among the five largest power transmission operators in Brazil, a market that has drawn sustained interest from international infrastructure investors as the country advances grid modernization programs.

Verene, which had previously operated as La Caisse’s dedicated transmission platform in Brazil, will continue as the reference vehicle for the combined portfolio. The partners have indicated that the platform will be positioned to pursue acquisitions and network expansions in Brazil’s transmission concession market, with grid modernization and decarbonization cited as the broader policy context driving new investment opportunities.

“By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing.” — Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse

Grupo Energía Bogotá, headquartered in Bogotá and listed on the Bolsa de Valores de Colombia (BVC: GEB), has operated in Latin America’s energy sector for more than 130 years. The company holds assets in electricity generation, transmission, distribution, and gas transportation and distribution across Colombia, Peru, Brazil, and Guatemala. Its entry into the joint venture contributes its existing Brazilian transmission concessions to the merged platform alongside La Caisse’s Verene assets.

La Caisse manages net assets of 517 billion CAD as of December 31, 2025, on behalf of 48 depositors representing more than six million Quebecers. The fund is active across major financial markets, private equity, infrastructure, real estate, and private credit, and has built a significant infrastructure portfolio in Latin America through investments including the Verene platform.

Juan Ricardo Ortega, president of Grupo Energía Bogotá, described the rationale for the transaction in terms of combining complementary strengths. “By combining our operational expertise and regional market knowledge with the financial strength and global perspective of our partner, we are creating a platform positioned to accelerate growth, expand transmission energy infrastructure, and support Brazil’s energy transition,” he said. “We believe this alliance will generate sustainable value for our stakeholders and contribute to Brazil’s economic and energy development.”

Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, framed the deal as a consolidation play. “By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing,” Jaclot said. “GEB brings more than 130 years of operating heritage and ranks among Latin America’s leading energy infrastructure groups, with deep expertise across the region’s transmission sector. Together, we share a vision to strengthen Verene’s footprint in Brazil through value-creating acquisitions and continued support for the country’s energy transition.”

Financial close is expected by the fourth quarter of 2026, subject to customary closing conditions, regulatory consents, and approvals. BTG Pactual (BVMF: BPAC11) acted as financial advisor to La Caisse, with Pinheiro Neto Advogados serving as legal counsel. Citibank (NYSE: C) advised Grupo Energía Bogotá on the financial side, while Mayer Brown provided legal advice to GEB.

The Ecopetrol (NYSE: EC, BVC: ECOPETROL) General Shareholders’ Meeting concluded at the Corferias convention center in Bogotá, marked by a decline in annual profits and an intensifying debate regarding the continuity of the company’s president, Ricardo Roa. During the assembly, shareholders approved a dividend of $121 COP per share for minority holders and a total payment of $4 trillion COP to the Colombian government, which serves as the majority shareholder. The government’s payout is scheduled for distribution in two installments, to be completed by June 30, 2026.

Click on above image to view shareholder meeting

The financial results for the 2025 fiscal year revealed a significant contraction in net income, which fell to $9 trillion COP from the $14.9 trillion COP reported in 2024. Roa attributed this decline primarily to the volatility of international crude prices. He noted that the average price of Brent crude dropped from $80 USD per barrel to $68 USD per barrel over the period. According to company data, every $1 USD drop in the price of Brent corresponds to a reduction of approximately $500 billion COP in net profit and $700 billion COP in EBITDA. Despite the lower earnings, the company maintained a production level of 745,000 barrels per day and achieved a reserve replacement rate of 121%, the highest in five years.

Governance issues remained the primary focus of the assembly. Minority shareholders expressed concern over the legal challenges facing Roa, who is currently under investigation by the Fiscalía General de la Nación for alleged influence peddling. Additionally, the Consejo Nacional Electoral (CNE) has raised accusations regarding the alleged violation of spending caps during the presidential campaign of Gustavo Petro, which Roa managed. Angela Maria Robledo, Chair of the Board of Directors, defended the decision to retain Roa, stating that the board has activated a evaluation protocol while respecting the constitutional principle of the presumption of innocence.

Shareholders Erupt In Anger At CEO Ricardo Roa:

🚨Abuchean a Ricardo Roa en asamblea de Ecopetrol

“¡Fuera, fuera!”: Este es el momento del tenso abucheo de los accionistas al presidente de la empresa 🔽

Videos: Néstor Gómez pic.twitter.com/uyjh4chpl2

— EL TIEMPO (@ELTIEMPO) March 27, 2026

“Ecopetrol is listed on the New York Stock Exchange; we are governed by the strict regulations of US federal agencies. Agencies like OFAC and the SEC could intervene in the company and could even accelerate the payment of financial obligations, which would be extremely grave for Ecopetrol,” stated Martín Ravelo, President of the USO.

The Unión Sindical Obrera (USO), the primary labor union representing nearly one-third of the company’s workforce, has issued an ultimatum for Roa’s removal. Martin Ravelo, president of the USO, warned that the union will initiate a national strike and affect crude production if Roa is not aparted from his position by Monday, March 30. Ravelo expressed concern that Ecopetrol, which is subject to the regulations of the Securities and Exchange Commission (SEC) and the Office of Foreign Assets Control (OFAC), could face federal intervention. He highlighted that Ecopetrol’s current debt has reached $30 billion USD, exacerbated by rising interest rates, and warned that the company lacks the cash flow to respond to potential demands for early repayment of international obligations.

President Gustavo Petro responded to the union’s concerns via social media, stating that the executive branch will take measures to shield the company’s financial future. Petro emphasized the importance of maintaining investment during periods of high oil prices to prepare for future market downturns. He also criticized past administrations for failing to invest sufficiently in clean energy during previous price cycles. In contrast, Ravelo called for the board to maintain its independence from political influence, noting that four of the nine board members have already left formal records supporting Roa’s departure.

Ecopetrol also addressed the national gas supply, with Roa announcing that new regasification alternatives at Puerto Bahía and on the Pacific coast are expected to begin operations in the second half of 2026. These projects are intended to contribute between 186 and 430 Gbtud to the national grid. A third regasification facility in Coveñas is projected to start operations in 2029 with a capacity of 400 Gbtud. Despite these operational plans, the immediate focus of the international investment community remains fixed on the board’s upcoming meeting on Monday, where the leadership deadlock must be resolved to avoid a potential halt in national production.

Headline photo: Former Senator Jorge Robledo admonishes the Ecopetrol board of directors at the March 2026 shareholders’ meeting.

The company launched its first experience center in Bogotá’s Andino shopping center, using a direct business model that bypasses local dealers or authorized distributors. The base model offered for the Colombian market is the Model 3, listed with an initial price of $109,000,000 COP. First deliveries for vehicles ordered online are anticipated between late January and early February 2026. A second experience center is expected to begin operations soon in the El Tesoro shopping center in Medellín.

Though the announcement marks Tesla’s official launch in Colombia, individuals have already imported Tesla vehicles into Colombia.

Tesla announced expansion plans within the country, including additional experience centers, test drive programs, service experiences, and the deployment of Supercharger stations, beginning in Bogotá. The local subsidiary, officially registered as Tesla Motors Colombia S.A.S., confirmed that its vehicles sold in Colombia will offer charge autonomies exceeding 400 kilometers. Karen Scarpetta, the Country Manager for Tesla, cited the company’s direct structural setup as a factor enabling competitive pricing relative to other global markets. The company is actively recruiting personnel for positions in Bogotá and Medellín, including service technicians, sales managers, and distribution coordinators.

The formal market entry for Tesla began in January 2024 with the registration of Tesla Motors Colombia S.A.S. in the Cámara de Comercio de Bogotá. The scope of registered activities includes vehicle commercialization, maintenance, repair, distribution, energy control, and the sale of electric energy. Showroom vehicles for the initial launch included the Model 3 and the Model Y.

The US-based company is entering a market where it will compete with established brands like China’s BYD (HKEX: 1211, SZSE: 002594), which has operated in Colombia since 2020 through Motorysa, and Geely (HKEX: 0175), which is launching operations through Grupo Vardí. Tesla‘s debut occurs amid global adjustments for the firm. In the third quarter of 2025, the company reported revenues of $28,095,000,000 USD, representing a 12% year-over-year increase. However, net earnings experienced a 37% decline, marking four consecutive quarters without meeting market expectations. Despite these trends, Tesla regained market share leadership in the European electric vehicle segment after a period of volatile demand.

Locally, Tesla stock has been available to Colombian investors since June 2025 through the Bolsa de Valores de Colombia (BVC)‘s Mercado Global Colombiano, with the backing of Acciones & Valores S.A.. This inclusion provides local investors with direct access to shares of the US technology and sustainable mobility sector.

Above photo: Tesla Model 3 (courtesy Tesla)

Finance Colombia’s executive editor, Loren Moss, sat down for coffee with Rupert Stebbings, the CEO of Alma Air. Stebbings, a longtime contributor to Finance Colombia, brings a wealth of experience to this new venture, including a history in international investment dating back to his time with the Bolsa de Valores de Colombia (BVC) and his role as a former board member of Viva Air.

The discussion focused on this significant milestone from Colombia’s civil aviation authority, Aerocivil, the unique operational challenges of floatplanes in Colombia, and the immense market opportunity for connecting remote and developing tourist destinations.

Finance Colombia: I’m here with Rupert Stebbings, the CEO of Alma Air, a friend, a longtime contributor to Finance Colombia, former board member of Viva Air. You know, I know that you have a long history not only working with investment, international investment, going back to the BVC and before that; but then, of course, your experience with Viva Air. And now you’re heading up this venture Alma Air. And we’ve talked about that before, but you guys have just received your operating certificate from Aerocivil, I believe. Tell me about the significance of this development and give us an update as to where things stand since we last spoke, I think back in February.

Rupert Stebbings: Yeah, sure. Good to be with you, man. We’ve been together a long time, so if you know me a long time, you know my history here. So as opposed to the operating certificate, what do you have? In Aerocivil, there’s various stages, right? And the first stage is kind of a greenlight process. You have a public audience and then they look at the plan, what you’re looking to do, they look at where you want to go, and then they give you the green light, which we’ve got a couple of weeks ago. They say, “Okay, move ahead. Sit down with us, let’s go through everything in detail.”

It’s probably the most complicated stage, stage one. It takes a lot of study and it’s a new product. It’s innovative. So there’s an education process. We’ve now got that green light. So what’s happening? This coming week my team, the pilots, the maintenance guys, the guys who really know how a plane works; they’ll be in Bogotá. They’ll be sitting down with the inspectors looking to get the inspectors appointed in Medellín, Cartagena, to move forward the process. And from there, you’re moving through the stages, it’s a four-stage process, bit by bit by bit. And then by early next year, the planes will be here. Then we check the manuals and all the technical aspects that go with that to make sure it’s absolutely safe and secure.

Finance Colombia: Now, you guys are using Textron (NYSE: TXT) Cessnas for this. What are the specific challenges that come with a floatplane operation? Because not only can these planes land at regular airports, they can also land—and I think that this is what makes your business model unique here in Colombia—they can land in rivers. They can land in keys and small islands, and they can land in areas that are less developed. So what are the technical challenges, and even not just technical, but operational challenges that that brings, along with the advantages of not being tied to, “Hey, there’s no airport here, but we can still service here,” you know?

Rupert Stebbings: No, no. Obviously, there’s a lot of Cessna Grand Caravans already in Colombia doing land to land. They’re a very common plane not just here, but in the whole world. What are the challenges? Well, the challenge is it’s a completely new product. It might exist in the Bahamas, Alaska, Vancouver, Australia, wherever you want to go. Whilst they were here 100 years ago, they haven’t been here for a long time. So what do you have to do? Like you mentioned, they can land on the sea. They can land on the sea, the lakes, on rivers. But it has to be done safely.

These airlines, these planes… seaplanes have got a tremendous track record in terms of security. We want to maintain that. So we have to sit down with the local authorities. There was a test flight carried out by another party down in Ayapel a few weeks ago. And it’s precisely for that. Aerocivil was there, they were on the plane. What are you checking? You’re checking where you’re landing. Is it safe to land? Are there people in the water? Are there boats? Are there jet skis? How is the mooring? How is the pier? Is it safe? Is it big enough? Is it away from boats? So a lot of it’s to do with security.

We know that these planes are environmentally very clean, so we don’t worry about that. But we do worry. And obviously, as an innovative new product and being pioneers in this, we need to make sure we get it absolutely spot on. And that wherever we land, wherever it is in Colombia, it’s done safely, securely, and that everyone locally knows exactly what’s going on and the benefits that come with it.

Finance Colombia: What have you seen with regards to the reception? The last time that we spoke on this, it was at ANATO back in February in Bogotá, and that’s the tourism industry convention. What has been the reaction of hotels, of tour operators, of the agencies, of the package promoters and the industry in general, when it comes to this kind of, innovative for Colombia, mode of transportation?

Rupert Stebbings: Yeah, pre the 2024 public audience, I spent a lot of time on the coast: Cartagena, Barranquilla, Santa Marta, all around the coast, Mompox, Magangué. And the reception was incredible. Public sector, we sat down with the mayor’s office, tourism, secretaries. But then we sat down with the private sector, hotels, agencies. Everyone wants in, everyone wants a new product. Why? Everyone knows that Colombian tourism is booming, but now everyone’s looking at different types of tourism, a ‘better tourist’, for want of a better phrase.

We’ve seen the cruises, AmaWaterways in the Magdalena River, starting in April, 48 cruises a year. And now are going to double that this month. They’re getting a second boat because the top-end tourists, there’s so much demand to come to Colombia. We want to be part of that. And that’s why it’s been well-received. Now, since the public audience, what’s happened is we’ve been called from all over the country. We’ve had Los Llanos, I’ve been down to the Amazon, Bahia Solano. Can we go there? Here in Medellín, Guatapé, which isn’t far from here. I’ve been and sat down with Guatapé, I’ve sat down with the mayor’s office, I’ve sat down with the city, with the town council. And they, too, want to push ahead because the connectivity from Bogotá to Guatapé can be an hour. It’s about four hours now if you want to go El Dorado to Rio Negro. Or Medellín, downtown Medellín, to get there to Guatapé. There were 3.7 million tourists in Guatapé last year. It’s a huge number. When you look at Mompox, which is 84,000, there’s massive numbers, more and more foreigners want to go there, and tourists. But right now, on a ‘puente’, a long weekend, it’s three or four hours. In a nice car, but it’s three or four hours. We can get you there in 10 minutes from downtown Medellín. So the minute we went public with this, everyone’s called us and the reception has been, I can just say, unanimously positive.

Finance Colombia: That’s impressive, especially when you think about- I mean, Guatapé, for example, from here, it would be an hour drive, but it’s more like a two-hour drive because of traffic. And this is a way to avoid that by operating these Cessnas. You can operate out of Olaya Herrera instead of having to come out of here. I think about places that are under development, like Coveñas, for example. They’re expanding Tolú, but up until now, you have not been able to get in there with a traditional 737 or A320 or something like that. The other islands and the islands that are outside of Cartagena that have been becoming more and more of a tourist draw.

Tell me financially, if we talk about from the investment perspective, you know, you guys are stable, you guys have experienced investors, but I believe that there is still opportunity. Tell me about what your goals are. Obviously, operationally, you need to go through the steps to become an operating functional airline. You’re backed by experienced investors that have not failed globally but have a track record of success around the globe when it comes to airlines. This is kind of a new and viable, but very fun project, I think. But tell me about the opportunity and the gap and the need there for additional partners when it comes to looking at bringing this project to fruition and supporting it in the future.

Rupert Stebbings: Yeah, I think over the next six months, there’s three phases. One, as you mentioned, the technical aspects of Aerocivil, which is so important. Number two, commercially, continue to build contacts, look at new locations, destinations. But number three is this: as you know, our backers have been all over the world, many places. But what we’d never pretend to be… I’ve been here 20 years, but I wouldn’t pretend to know Colombia inside out. Every time I go to the coast, or I go somewhere, somebody’s got a new idea. “Have you been to this place, or this lake’s got a beautiful eco-hotel.” We can’t get there.

So every time they tell me to go somewhere, there is new know-how, and our preference would be to have a partner, for sure. We’ve got a lot of friends we’re working with overseas who are already in the seaplane business all over the world. We speak to people in every continent on this. But also locally, Colombia is a country apart. It’s a country with a huge, huge opportunity. It’s a big country. And honestly, it would be great to have somebody alongside us, sat down with us saying, “Hey, have you thought about this? Have you done this?” As I say, we don’t pretend to know Colombia inside out. It’s an amazing country. Everyone knows that every time you see an article anywhere around the world, Colombia gets a mention. The best for this, the best for this. Pension, live, digital nomads, but also for tourism. The numbers are going through the roof.

And I think everyone, whether it’s us, an agency, a hotel, everyone’s looking for more and more know-how, more knowledge. And the more people you have inside the tent, the more people you have helping you, the easier it is to move forward, to make good decisions, and make the most of the opportunities that definitely are here. And so, you know, we’re looking for a partner, whether it’s overseas, that’s fine, whether it’s local, great as well. But we’re definitely looking for people to come on board and join us in this project, which is, as we know, it’s innovative, it’s new, it’s tremendous excitement. And if somebody wants to share in that, you know, we’re open to a conversation.

Finance Colombia: You know, I think the great thing is that intellectual humility, of not coming into a place and saying “we know everything.” And if I think about the track record of some of the investments, the investors, they go into Mexico, they partner with a local company that made things a success. They go into places like Singapore. They go into places like the U.S., and they’ve done that. And even before with Viva, every place that they’ve done that has been a success, because they’ve bought in the local intellectual capital, as well as financial capital participating, so that the local economy has a stake in things. It’s not like, “Hey, we’re from the outside and we’re just going to do things.” In other sectors, in mining, I’ve seen the companies that do it right, they follow that model. They bring in people, not like the old model that we saw in Asia, where it’s like, you’ve got to bring in a local partner so that they can screw you. Like we would see, you know, 40 years ago in India, or in a lot of places like, you’ve got to have a local partner for capital controls and things like that.

No. Colombia, as you know living here, one of the great things about Colombia is that legally we’re treated on an even par as… you know, there’s no difference. And I can speak to this having been a business owner in Colombia, you’re not treated any differently. You have no disadvantage in the local system being a foreigner. And I think that that makes it, whatever the flaws are and whatever the drawbacks are, that makes it a very safe place and an advantageous place for investment.

Rupert Stebbings: Yeah, I worked in the financial sector for decades in Asia. In Asia, it was exactly that model. We’ll parachute in and it’s us. We’ll only use the local because we need their license. So they didn’t take on as much local know-how intellect as they did. Well, that’s changed over the years. And in this sector in particular, if you look at the tourism sector here, there’s tremendous influence amongst the hotels, the agencies, from overseas. But they are all using local know-how, the people on the ground in general or locals, and we want to be part of that. As you say, I wouldn’t be absolutely stupid to come into a country with a new product, a product that was here from 1919. I turn up in 2025 saying I know all about that. No, there’s people who know, there’s people have been around. This airline sector is one of the oldest in the world. So local knowledge, I think, is fundamental.

Finance Colombia: And even in 1919, the industry was started by Germans who came in here and did it and they were able to be successful. And then the airline evolved and went through iterations and became kind of the national flag carrier of Colombia. But I think that it speaks to the friendliness that Colombia has towards investment. And the thing that you mentioned is that these people are real partners. They’re not agents that, “Oh, I need to have a license, or I need to sign off this checkbox on some kind of license form.” But these are real partners who are involved and things like that.

Rupert Stebbings: Absolutely. I couldn’t agree more. And you know, I’ve done a lot of research and written on Colombia, but even agent people at the World Bank, they’ll put Colombia in the top 15 countries in the world to invest for the protection of your rights when you come here, because you’re looked after when you come here, because the country wants to develop, wants to move forward, and they look after you when you get here. And I think that’s fundamental.

Finance Colombia: Absolutely. I mean, you know, I’ve been here for 11 years. I’ve never seen a form or any kind of government document that differentiates between, “Okay, check this box” or “you can’t do this because you’re a foreigner.” And Colombia is great when it comes to that. Now, let’s look at- going back to operations. What has to happen before Alma Air is flying routes, scheduled routes with passengers? Now, I know that in the U.S., you know, we had like Part 91 aviation, 132 aviation and things like that. And there’s one thing that’s a scheduled airline, there’s another thing that’s like a charter airline, and then there’s, you know, general aviation. Is the set up the same way here? And whatever the case might be, what has to happen and how far away are we from booking tickets to fly on Alma Air?

Rupert Stebbings: Okay. So, we’re going to work as an air taxi, charter, no scheduled flights. Which is similar to other countries. Most companies and seaplanes work on that basis. You call me, you tell me what you want. Obviously, we’ll have a menu: this is what you can do, call me when you want to do it, who you want to do it with, etc. So that’s how it’ll work. 100% charter air taxi, as it’s mentioned here. What do we have to do? As I mentioned, the guys are in Bogotá this coming week. They’ve got to sit down, and the aforementioned paperwork, which is the same for everybody, we need to fill in a lot of paperwork. We need to go through the manuals, which are done, but there’s something like 50+ manuals for seaplane operation. So they need to be doing a page turning, go through it. Because it’s new, right?

And also, there’s regulation. We’re also working with DIMAR, which is the coastal authority, and the internal authorities, and the environmental authorities to make sure that everyone’s on board the regulation, everyone understands the rules. So I’m going to put a plane there. What needs to be there? Who needs to be aware of it, etc.? So there’s an awful lot to be done through Aerocivil, DIMAR, and the authorities. In parallel, we’re speaking with the lessors overseas to sort out the planes, the arrival times, and then that will be going through the Christmas period into January. And then by the end of the first quarter next year, we should be seeing planes arrive here to then go through the same paperwork. You can’t just bring it here and fly it around. [Laughs.] ‘Hey, I’m here, I’m just going to fly around.’ No, not at all. We’ll bring it here, the plane has to be checked over, everyone needs to be on board. Then hopefully within around probably less than six months, you’ll be able to call me up and say, “Hey, I want to take the family and do this and this,” you know, whether it’s to go to a hotel, you want to do a sightseeing trip, you want to go to a couple of lakes in a day, you let me know and we’ll get in touch and we’ll sort you out.

Finance Colombia: Amazing. You know, I’m looking forward to it. I’m not the high roller who’s going to be like, “I want to go to a couple of lakes.” But hopefully there will be some kind of group travel opportunity and things like that over the weekend.

Rupert Stebbings: But the thing is, everyone talks about… Every time I do an interview with the press it’s, “How much, how much you’re going to cost?” “Yeah, it’s going to be really expensive.” No. Colombia is full of charter planes already. It’s already full of private planes. And I would say the price point of this is the same as you doing something special for your anniversary. You know, you want to do something special, let’s fly somewhere and go to a spa for a couple of days in a hotel, for example. We’re in that price point. We’re not in a ridiculous point. And the one thing you’ll be buying from me is time.

And that’s the key. If you’re in Bogotá, you want to go to Guatapé for a beautiful weekend and a beautiful hotel, then you don’t need to spend five hours getting there, five hours getting back. I’ll get there in one hour. So you can buy four hours for you, or three hours on the way, three hours on the way back. That’s six hours. Plus, your partner, that’s 12 hours. You get more time at your resort and not at a huge increment in price.

Finance Colombia: And, you know, the Grand Caravans have a capacity of what, like 12 or something like that?

Rupert Stebbings: It’s eight passengers plus pilot and copilot. That’s one thing we push very hard for. You’ve got to have a copilot and pilot. That’s not global, but that’s what we believe, definitely, in terms of security. Then you got the eight passengers. These planes will take up to 14 seats, but we’ve checked around the world and the most successful seaplane companies are using the eight planes. Why? Because if I’m going somewhere in a seaplane, I want to go somewhere real nice and spend a few days, I don’t want to go there with a backpack. Comfort and what I take with me.

Finance Colombia: You know, that’s a good point. My cousin, for example, runs a charter service out of Miami and he services the Caribbean. He has a Learjet and a King Air. And I remember talking to some of his passengers one time in the Bahamas and talking to him; and it’s not that the people are rich. I mean, they’re not poor, but they’re not like super rich where they’re going to fly to St. Bart’s on a private jet. But what happens is, one of the passengers explained to me, they’re mostly like avid fishermen, anglers. And they’ve got to carry all their rods and all that stuff like that. And they explain this, “Look, this is a family trip for us, and there are six of us. And by the time I pay for six airline tickets, it’s actually less expensive to fly on this charter.”

Rupert Stebbings: And the bags, and the extra bag, and the extra length luggage. When people say, “It’s going to cost me this.” I’m like, “No, it’s actually going to cost you this, because you were going to pay this. But I’m going to charge you on top for the convenience.” So it’s not an extraordinarily expensive thing to do. But that’s education, that’s the education process. And the fact that it’s so common; if you go to Vancouver, people commute to work on a seaplane. So it simply doesn’t add up that it costs you thousands of dollars just to go one way. Of course it doesn’t. But again, this is part of the education. I think in time people will come to see “this is something I can do with my family.” And hopefully we’ll fill the skies here with seaplanes, which should be great.

Finance Colombia: I would imagine that there’s also a market for things like air ambulance. Colombia has so many remote areas, there are cities in Colombia that you can only get to by river or by air. And, you know, we just published an article about the high quality of Colombian health care in places like Cali and Medellín and Bogotá. But to get people who need, you know, urgent or unusual operations or have conditions and things like that. You guys can play a vital link in that process as well.

Rupert Stebbings: Of course. It would be a second stage. But already the authorities have manifested interest in what can be done. We looked at a study in 2021, there were thousands upon thousands of air ambulance trips in one year in Colombia, from remote areas in. And they’re not using air ambulances; they’re just putting them into normal charter planes in an emergency. So that’s definitely something we looked at. The authorities are interested; the security forces are interested. You know, as you say, most bad things in Colombia take place in remote areas. Whether it’s military, whether it’s a car crash, whether it’s a heart attack on a remote island. But as we know, as you mentioned, Colombia’s got a tremendous medical system, but it’s concentrated in the main cities or even the big towns. So if you’re in a place, you don’t have to be far away to be hours and hours away. You know, if you go from Colombia to Mompox, to pick an example, you’re talking five or six hours in a car, no mainstream hospital. There’s a hospital in Magangué. But I’ve spoken to many people in Cartagena in clinics who do evacuations, and they say, “No, almost all the cases come into Cartagena or Barranquilla.” So if we can help in any way, we’re definitely there to do that.

Finance Colombia: That’s amazing. Now, is your website up and running? If interested, if people want to get in touch with you all, do they go through your website or what are the methods that you recommend?

Rupert Stebbings: Yeah, flyalma.com, up and running already. It already gives you a good indication of services, destinations, the routes we’re going to use… It’s got the history as well of seaplanes, which is very important to get into, who we are… So then go in there, look at all the information, the contact information is there, we are on LinkedIn or on Instagram. So you can find us, that’s not a problem at all. So you get in touch with us and we will definitely be there to respond ASAP.

Finance Colombia: Is there anything that you wanted to mention that I neglected to ask?

Rupert Stebbings: No, I just think that a lot of people I think have been wondering why it’s taken so long, or longer than expected. But I think you have to be respectful with the authorities. This is something new. And every time you get a new product, they’re very careful about bringing something new to Colombia. People don’t understand. When they did the seaplane test in Ayapel, the members of Aerocivil had never been on a seaplane. So the people at the very top running the airline services, they don’t know what a seaplane is, other people don’t. So it’s very important. And we’re going to isolated places, where they’re not used to these kinds of services. They’re not even used to seeing airplanes, etcetera, or even many tourists. So there’s a big education process. We’re working, obviously, with the Ministry of Commerce and Tourism, FONTUR. So we’ve got a lot of partners. It’s taken longer than desired by anybody, but we’re getting there. And now I feel there’s been a definitely a pivot of the last few months in terms of, “let’s get this done and let’s get this done as soon as possible.”

Finance Colombia: Great. And one of the things that I think I’ve seen, no matter what administration, you know, I’ve been here 11 years, I think you’ve been here longer, is that there is—and this is not a right or left thing—but there is a consensus that tourism and especially things like nature tourism and sustainable tourism are a strategic path to not only pacifying the country… and we talk about terms of peace. We talk about terms of sustainability, not places that are over-touristed, but to really develop and to bring tourism to these, maybe up until now off-the-path areas that you guys will specialize in. So I think that there is a comfort, I should say, in that no matter what happens politically, that remains a priority no matter who is controlling the reins of government.

Rupert Stebbings: No question at all. And in the webpage, we even refer to that. And we also refer back to one year ago, COP16 in Cali, where USAID, which unfortunately is no longer with us, but they mentioned “Colombiamorfosis,” which is this program of getting tourists in new areas. And we’ve been to visit new areas. In Ayapel, we met with the governor of the Zenú people in Cecilia, which is the town they have there. And we’re looking to connect these new areas, and we’re getting approached all the time. Communities are saying, “Look, we’ve got amazing wildlife, birdlife, we’ve got walks you can do in the jungle. We can take boats across lakes.”

And so what we want to do is connect them, because according to the UN, and the Petro government has backed up on this, the fastest return on investment to get people out of poverty is through tourism. It’s a UN program. The UN tourism director is actually Colombian, Natalia (Bayona), who lives in Madrid. So we’ve been in touch with her. And again, we’ve seen tourism booming. It’s been a big bet of this government, no question. It’s been successful. But I’m absolutely sure whatever government comes in now, tourism is the way to go. It’s a way to get to remote areas and connect overseas tourists or local tourists who have the money with needy communities. And between them, you can make the connection and take some of these communities out of poverty and give them a little more dignity.

Finance Colombia: I’m super excited for you all, of course, as an organization and as people. I know a lot of you are involved in this. But then also for Colombia, because of the positive benefit that it can have for Colombia. Again, I think it’s a win for you all as an organization, it’s a win for Colombia as an economy and as a people, and it’s a win for whatever financial and commercial partners that are involved in this. And so I’m super optimistic. I can’t wait for my first ever seaplane flight. I know that airlines love to have these inaugural flight things- And I’m going to be mad if I see it in the news and I didn’t hear from you [Laughs.] Yeah, you’re going to be waving down from me from up the final approach right here, right? So I’ll be calling you on WhatsApp there. But thanks a lot for your time, Rupert. Always fun to talk to you guys, again, thank you also for your contributions as an individual. And you wouldn’t say this, but as an expert. It’s more fun because I don’t always agree with you, and that makes me nuts sometimes. But it makes it fun, you know. And so can’t wait till the next time. Keep us updated and count on us to keep the public posted on what’s going on at Alma Air.

Rupert Stebbings: [Laughs.] We’ll wave. No problem, it’s alright. [Laughs.] That’s life! Great, man. Thank you for your time, and I will see you on board in some place you didn’t know you could get to. Cheers, man. Take care.