Monómeros is seen by the Colombian Government as a fundamental pillar for agricultural development, food price stability, and regional integration. Photo: Ministry of Energy and Mines of Colombia.
Guacamaya, July 8, 2025. The Government of Colombia has reaffirmed its intention to acquire the petrochemical company Monómeros, a subsidiary of the Venezuelan state-owned Pequiven, essential in fertilizer production in the region. In recent days, Colombia’s Minister of Mines and Energy, Edwin Palma, held high-level meetings in Caracas to expedite negotiations.
“The President of the Republic has publicly expressed his intention to acquire a Venezuelan company in Colombia that is very important for the food sovereignty of our peoples (…) Hopefully, we can finalize this negotiation between the two governments so that Monómeros becomes part of our country,” Palma said at an event organized by the Caracas Stock Exchange.
The Colombian official also met with Venezuelan Executive Vice President Delcy Rodríguez, where, in addition to reiterating the intentions to acquire Monómeros, they discussed the need to intensify bilateral cooperation in energy matters and actions related to natural gas supply between both countries.
Delcy Rodríguez, who is also Minister of Hydrocarbons, limited her comments to stating that the meeting with her Colombian counterpart focused on reviewing the energy agenda between the two countries. She also emphasized the issue of natural gas supply to Colombia as part of the agreement between Ecopetrol and Pdvsa, which is at risk due to U.S. sanctions.
“It is important to remember that the authorities of both countries signed an energy cooperation agreement in March 2024, specifically in the area of gas supply from our country to Colombia through the Antonio Ricaurte binational pipeline,” the statement issued by Venezuela’s Ministry of Hydrocarbons said.
Relevance of Monómeros in the Colombian market
The Colombian government’s insistence on purchasing Monómeros is based on the argument of strengthening national and regional food security. Furthermore, Minister Palma highlighted that if the Special Economic Zone between the two nations is realized, the agricultural sector would play a fundamental role, requiring accessible and quality inputs.
The Venezuelan company, based in Barranquilla, supplies about 40% of the fertilizers used in Colombia’s agricultural industry, making it a strategic asset for agricultural production, trade, and reducing imports. “We want to lower food prices in Colombia and fight hunger at its root,” President Gustavo Petro said last May.
A potential purchase of Monómeros is not without challenges. On one hand, there are restrictions imposed by the U.S. Office of Foreign Assets Control (OFAC) on operations with Venezuela. Additionally, there is the possibility of a sale to the private sector, which is particularly concerning for the Colombian government due to the potential increase in agricultural input costs.
The Colombian government considers that despite adversities, Monómeros has proven to be one of the best companies in the country and that, under Colombian control, it could be further enhanced. “What if we open the company to more international markets and exploit its full potential within the framework of this binational cooperation?” Palma said during his visit to Venezuela.
