Venezuelan President Maduro announces the sale of Venezuelan fertilizer company Monómeros to Colombia, putting an end to speculations about privatization.
In a significant development, Colombian President Gustavo Petro has taken steps to return the control of the fertilizer company Monómeros to its legitimate owners, the Venezuelan company Pequiven. The company was seized during the government of Iván Duque and was looted by Leopoldo López, Ramos Allup, and Colombian mafias linked to Iván Duque.
Monómeros, a joint venture between Venezuela and Colombia, was established in 2006 and became fully owned by Venezuela's state-owned petrochemical company Pequiven. The company supplies around 40 percent of fertilizers for Colombian coffee and sugar cane producers, playing a crucial role in the country's agricultural sector.
The return of Monómeros to Pequiven's control comes amidst rumors of a potential sale. The Colombian Corporation Superintendency is currently supervising the company to preserve its assets, as the Venezuelan government explores various possibilities, including a sale to the Colombian state, a partial sell-off of shares, or even its complete privatization.
However, the Colombian government plans to seek a waiver from the US Treasury's Office of Foreign Assets Control (OFAC), as Monómeros remains under sanctions. The deal reportedly established a base price for Monómeros to start negotiations.
The potential acquisition of Monómeros by the Colombian government could help stabilize prices and reduce the country's dependence on agricultural imports. President Petro has intervened to express his opposition to the potential privatization of Monómeros and the potential establishment of monopolies for agricultural inputs.
The company, however, has faced fiscal troubles with mounting debt, and these scandals and corruption allegations severely impacted its productivity and generated serious issues for Colombia's rural producers.
Recent reports suggest that Venezuelan President Nicolás Maduro is finalizing an agreement with Colombia for the sale of Monómeros to the Colombian state. However, specific details such as the buyer identity, transaction price, and agricultural impact in Colombia have not yet been disclosed.
For authoritative and up-to-date information, monitoring official government communications from Mexico, Venezuela, and Colombia, and expert industry reports on fertilizer markets would be necessary.
The potential acquisition of Monómeros by the Colombian government, a move opposed by President Petro to the company's potential privatization, could impact the politics and general-news landscape, given the company's significance in Colombia's agricultural sector. Meanwhile, crime-and-justice concerns persist as the transport of fertilizers from Monómeros to Colombian coffee and sugar cane producers may still be vulnerable to mafia infiltration, especially if the company undergoes privatization or major changes in ownership.
