Ecopetrol warns of 23-day liquidity if Dian imposes embargo

Colombia's state-owned oil company, Ecopetrol, has warned that a potential embargo of 16.4 trillion pesos by the National Tax and Customs Directorate (Dian) could leave the firm with enough resources to operate for only 23 days.

The dispute stems from a tax litigation regarding Value Added Tax (IVA) on imported gasoline. The Dian modified its criteria in late 2024, seeking payments for imports made between 2022 and 2025. While the initial debt was estimated at 5.2 trillion pesos, interest has reportedly increased the total claim to 16.4 trillion pesos.

Ecopetrol reports monthly revenues of approximately 3.2 trillion pesos against expenses of 4.1 trillion pesos. The company stated that an embargo would freeze local currency resources and exhaust dollar balances within weeks, potentially leading to insolvency. Such a scenario would impact 10,000 employees, 40,000 contractors, and 1.3 trillion pesos in obligations to suppliers, as well as regional royalty transfers.