Colombia could possibly be open to purchasing Venezuela’s Monomeros -Finance Minister By Reuters

© Reuters. FILE PHOTO: Colombian Finance Minister Jose Antonio Ocampo speaks throughout an interview with Reuters in Bogota, Colombia August 2, 2022. REUTERS/Vannessa Jimenez/File Photograph

BOGOTA (Reuters) – Colombia could possibly be open to purchasing Venezuelan fertilizer maker Monomeros, Finance Minister Jose Antonio Ocampo mentioned on Wednesday, at a time when increased fertilizer costs have contributed to inflationary strain.

Although Monomeros is predicated within the Colombian metropolis of Barranquilla, it’s owned by Pequiven, which is a unit of Venezuelan state-owned oil firm PDVSA.

The federal government of Venezuelan President Nicolas Maduro regained management of Monomeros’ board of administrators in mid-September, following a few years when it was managed by opposition chief Juan Guaido.

“On the problem of fertilizers, I’ve mentioned that we’re prepared to do something, even right here amongst us, to purchase Monomeros and develop it considerably,” Ocampo mentioned at an occasion with espresso growers in Colombia’s capital Bogota.

The latest modifications to Monomeros’ administration occurred at a time when relations between Colombia and Venezuela – notably in financial and army cooperation – have strengthened, following the election of Colombian President Gustavo Petro.

In the meantime, Ocampo recommended the ministry of mines and vitality would reveal that Colombia’s reserves have risen to twenty years, from eight years beforehand.

“That provides us the big risk of being fertilizer producers and even of being fuel exporters, which we have now by no means been,” Ocampo mentioned.