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Ecuador Drastically Hikes Tariffs on Colombian Crude Oil
(MENAFN) Ecuador announced on Tuesday that it has increased tariffs on crude oil transported from Colombia by 900%, following Bogota’s plan to suspend electricity exports starting Feb. 1.
The tariff for each barrel passing through the Trans-Ecuadorian System Oil Pipeline (SOTE) has risen from $3 to $30. Bogota has not yet responded to the move.
The escalation comes amid ongoing tensions between the two countries over border security and cooperation in combating drug cartels. On Jan. 23, Colombia announced it would halt electricity exports to Ecuador, while Ecuadorian President Daniel Noboa had earlier imposed a 30% tariff on Colombian imports on Jan. 22, citing insufficient support in the fight against drug trafficking.
The tariff for each barrel passing through the Trans-Ecuadorian System Oil Pipeline (SOTE) has risen from $3 to $30. Bogota has not yet responded to the move.
The escalation comes amid ongoing tensions between the two countries over border security and cooperation in combating drug cartels. On Jan. 23, Colombia announced it would halt electricity exports to Ecuador, while Ecuadorian President Daniel Noboa had earlier imposed a 30% tariff on Colombian imports on Jan. 22, citing insufficient support in the fight against drug trafficking.
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