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(Bloomberg) — Talks to set a price for Venezuela’s state-owned fertilizer plant Monómeros begin in Colombia today.
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Officials from both countries are meeting as Venezuela seeks to sell Monómeros Colombo Venezolanos, a key supplier of fertilizer to Colombian farmers. The company is under US sanctions, and any sale will require Treasury approval.
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Energy Minister Edwin Palma said the head of Petroleos de Venezuela’s petrochemical unit is arriving in Colombia on Wednesday to sign a confidentiality agreement as part of the negotiations.
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“There’s been a public manifestation from the president in wanting to buy Monómeros,” Palma said in a Blu Radio interview. “Monómeros is an important company for the country’s food sovereignty and security.”
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President Gustavo Petro has expressed interest in having state-run oil producer Ecopetrol acquire the plant, which supplies around 40% of Colombia’s fertilizer. For two decades, the country’s small farmers have benefited from Venezuela’s subsidized supply of raw materials. The sale would also help raise much-needed revenue for Venezuela’s cash-strapped economy.
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As a Venezuelan state-owned asset, Monómeros is subject to US sanctions. While the US Treasury had issued a license allowing the company to sell its products and engage in financial transactions, the Trump administration allowed it to expire at the end of June.
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“Hopefully the US government understands the importance that Monómeros has on the farmers and our food,” Palma said.
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Colombian officials, including ambassador to Washington Daniel García-Peña, have been engaging US officials ahead of a potential purchase agreement.
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Bicentenario Group will help Colombia determine a price for the asset, Palma said, adding that other companies have discussed offers ranging from $70 million to $350 million.
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Palma added that Colombia is “nearly ready” to sell electricity to Venezuela for the first time, with two companies already running tests. The countries share a power interconnection system established in the 1990s, when energy flowed in the opposite direction.
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Also Read: Venezuela Pushes Fertilizer Plant Sale in Challenge to Colombia
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English (US)