1995 (August 30)
Official Gazette No. 41,981, of 30 August 1995
which creates and regulates the operation of the Fund Savings and Stabilization oil. Summary
CONGRESS OF COLOMBIA DECREES
ARTICLE 1o. Believe Fund Oil Savings and Stabilization as a management system accounts abroad without legal personality and subaccounts on behalf of the Colombian oil company Ecopetrol departments and receiving municipalities royalties and monetary compensation and Fund national Royalties, on account of the deductions that are made to them about their rights in each production unit will recognize the current legislation, especially Law 141 of 1994
the transfer of these resources to the Fund does not mean ownership of them by the nation. Such transfer, has a strictly temporary and exclusive purposes of tax savings and macroeconomic stabilization.
The municipalities do not produce hydrocarbons producer department, are not subject to this Act.
PARÁGRAFO. The withholding obligation Fund resources Oil Savings and Stabilization does not apply to the particular linked to the Colombian oil company Ecopetrol oil contracts by association.
. For purposes of the provisions of this Act shall mean a production unit constitutes the field or group of fields of oil production.
Are presumed to each production unit shall consist of a field of oil production, unless the national government through the Ministry of Finance and Public Credit and Mines and Energy provides that it shall consist of two or more fields they grouped when there are reasons such as neighborhood joint development or use of a common infrastructure services.
PARÁGRAFO. Cusiana and Cupiagua constitute a production unit for the purposes of this Act. The Government may not append new fields to this production unit.
ARTICLE 3. The Fund Oil Savings and Stabilization will be administered by the Bank of the Republic, by contract signed by the Ministry of Finance and Public Credit and Mines and Energy, only to be valid and improvement signatures of the Minister of Finance and Public Credit , the Minister of Mines and Energy and the Manager of the Bank of the Republic and its publication in the Official Journal, prior approval of the Steering Committee of the Fund Oil Savings and Stabilization.
PARÁGRAFO. The Commission Resource Management Fund is agreed with the Bank of the Republic may not be in no event exceed three thousand (3X1.000) of the value of annual economic assets.
ARTICLE 4. For the implementation of this Act, the following definitions shall apply:
1. Entry. Is the value part of the monthly production of a production unit, according to the law, it is for each department or receiving royalties and monetary compensation municipality, the National Royalties Fund or the Colombian oil company, Ecopetrol, calculated the price of liquidation of royalties, which will be expressed in dollars of the United States of America.
For the conversion is taken as reference the exchange rate as the average for the month or quarter which corresponds settlement market.
The sum of the values corresponding to the entities listed in the first paragraph of this clause constitutes the income of the production unit. It will not be part of the income of the production unit portion of crude oil owned by the entity associated with Ecopetrol.
2. basic income. It is income that by law corresponds to each of the entities referred in the previous paragraph, when the monthly income that belongs to each category of entities in the production unit, is one of the following values:
Ecopetrol million US $ 9.3333
National Royalties Fund 2.0911 2.2625 producers Departments
producers port Municipalities Municipalities 0.4670 0.3421 0.2175 producers not receiving
The basic income Departments of entities that make up each category will be calculated monthly as follows:
The basic income of the category to which it belongs multiplied by the percentage share of the entity's total revenue for the month, of the corresponding category.
When the production unit is composed of two oil fields in production, the values specified in this paragraph shall be doubled. When composed of three fields they are multiplied by 2.75 and when composed of four or more fields by 3.25.
The values given in this article shall be adjusted in the first month of each year with the inflation rate of the United States of America registered the previous year, measured by the consumer price index.
3. additional income. It is the sum that exceeds the basic income.
4. Additional income average. It is the average monthly additional income, calculated from the first month in which each of the entities referred to in the 1st paragraph refers. of this article and additional income earned until the month under consideration.
The 5th ITEM. Savings Fund and the Oil Stabilization will be formed with the sums turn the Colombian oil company Ecopetrol for the excess to submit the additional income of the entities that the 1st paragraph refers to. the previous article on the average additional income of them, calculated in the respective month. However, the final settlement will be made each quarter.
Ecopetrol will turn to the Fund, within ten (10) days following the date of receipt of the liquidation of progress, resources according to this law corresponds to save the participating entities in it.
If upon the final quarterly statement is greater than the sums paid as an advance under that quarter value, the balance to be retained bound Fund Oil Savings and Stabilization should be rotated within ten (10) days the receipt of the settlement. If, on the other hand, when making the final settlement appears that there is balance in favor of Ecopetrol, this will be deducted from the sums to be rotated to the Fund in the next quarter.
PARÁGRAFO. Withholdings Fund for Oil Savings and Stabilization to in this Article, will only take place from the 1st. January 1996. Except producing municipalities, whose deductions may be made only from 1o. January 1997.
ARTICLE 6o. To carry out withholdings Fund for Oil Savings and Stabilization, the Ministry of Mines and Energy will proceed as follows:
1. He settled royalties, monetary compensation and shares corresponding to departments and receiving municipalities royalties and monetary compensation and the National Royalties Fund, in accordance with the provisions of Law 141 of 1994 and forward the settlement Ecopetrol, within five (5) days following its preparation calendar days, which will revolve pesos to the recipients in portion that should not be retained bound Fund Oil Savings and Stabilization.
2. The portion of royalties, monetary compensation and participations under this Act should be retained bound to the Fund it will be rotated in dollars of the United States of America by Ecopetrol on behalf of each of the participating entities, after conversion at the exchange rate representative of the market the day on which settlement is made.
Ecopetrol will use its liquidity abroad to carry out these turns.
3. Likewise, the Colombian oil company Ecopetrol will turn to the Fund Savings and Petroleum Stabilization portion that corresponds save on production of crude oil from its property.
PARÁGRAFO. The participating entities Savings Fund and Oil Stabilization may verify quarterly to Ecopetrol and the Ministry of Mines and Energy, the production of its deposits, royalties received and participation or savings under this Act should be retained bound to the Fund Oil Savings and Stabilization, in case there are discrepancies entities may make the claim with the Fund Board Savings and Petroleum Stabilization and this in turn will give the corresponding procedure.
ARTICLE 7. The rights of participants in the Fund Savings and Petroleum Stabilization entities will be represented in units of equal amount and characteristics. The number of units corresponding to each be established in proportion to the amounts withheld.
The value of the units shall be expressed in dollars of the United States of America and is determined daily, according to the method established by the Bank of the Republic, with the approval of the Steering Committee of the Fund Oil Savings and Stabilization.
The Bank of the Republic define the method of valuation of the Fund Savings and Petroleum Stabilization taking into account the class nature and liquidity of the securities in which resources are invested. In any case, the method established must ensure adequate distribution of profits.
Article 8. The Fund Oil Savings and Stabilization will separate for each unit of production, as well as by each participant entity accounting.
The accounts of the Fund will be in dollars of the United States of America.
The Government shall determine the rules relating to the management of the accounts and sub-accounts that make up the Savings and Stabilization Fund Petrolera prior approval of the Steering Committee of the Fund Oil Savings and Stabilization.
Article 9. Financial results for the Savings and Stabilization Fund Petrolera be counted daily in the subaccounts of the participating entities and reflected in the daily value of each of the units that compose it.
Within the first month of each calendar year, the Fund will rotate accumulated during the previous year, corresponding to each entity earnings, which will be used in the manner provided by Articles 14 and 15 of Law 141 of 1994 .
ARTICLE 10. The Fund Oil Savings and Stabilization will reinstate its resources to the participating entities only when the average additional income exceeds the additional income as indicated below:
1. The excess of the additional average income on the additional income, when such excess is equal to or less than 2.5% of the account balance of the month immediately preceding.
2. When the surplus exceeds the percentage specified in paragraph 1o., The Fund will rotate monthly installments 2.5% of the balance of the month immediately preceding.
3. When the account balance is equal to or less than the basic income of the month, it will be divided into three equal monthly installments.
The amounts under this Article should return to the participating entities in the Fund, as well as the interests of dealing with article 9. of this Act, shall be drawn by the Bank of the Republic to the Colombian oil company Ecopetrol, which shall distribute them within ten (10) days following the date of its receipt days. The Bank of the Republic shall make the repayments and pay interest in dollars of the United States of America and Ecopetrol will distribute the same in Colombian pesos, according to the representative market rate of the day when payments are made.
ARTICLE 11. Savings and Stabilization Fund Oil will have a Steering Committee composed as follows:
a) The Minister of Finance and Public Credit, who will preside;
B) The Minister of Mines and Energy;
C) The Director of the National Planning Department;
D) The President of Ecopetrol;
E) The Governor of each of the producing departments in whose territory the fields covered by this Act to be;
F) A mayor of a municipality for each producer producer department, chosen by the Departmental Assembly;
G) Two representatives of the non-producing departments and municipalities, chosen by Third Committees of the Senate and House, independently, one per Commission.
The Manager of the Bank of the Republic, in its capacity as Administrator of the Fund, will be a member of the Committee, with voice but no vote.
Members of the Steering Committee may delegate only assisting deliberations on the official who follow them in hierarchy within your organization.
PARÁGRAFO. The national government will take measures for the integration of the Steering Committee of the Fund within the preceding the date on which it is expected that the first deductions be made bound to Fund Oil Savings and Stabilization four months.
ARTICLE 12. The Steering Committee of the Fund Oil Savings and Stabilization shall have the following functions:
1. Review and approve the agreement with the Bank of the Republic for the administration of the fund.
2. Determine the policy of financial investments with the Fund, which will be in foreign currency or securities issued abroad, in safety, profitability and liquidity. The investment of these resources may include the purchase of securities representing Colombian foreign debt.
3. Approve the financial statements of the Fund.
4. Its own regulations.
PARÁGRAFO. The exercise of the powers listed in paragraph 2o. This article requires the favorable vote of the Minister of Finance and Public Credit.
be empowered Fund Manager Oil Savings and Stabilization decide autonomously on the purchase and sale of securities or financial securities, in accordance with the line drawn by the Steering Committee policy.
ARTICLE 14. The resources held in the Fund Savings and Petroleum Stabilization only constitute income for the participating entities it produced on his behalf refunds to which they are entitled.
Therefore are not generating taxes, nor may budgeted, accounted for or used as a counterparty or credit guarantee before actual perception.
Without prejudice to the provisions of this Act, departments and producing municipalities and new departments not Orinoquia producers may draw on the resources saved with exclusive destination to prepay debt incurred prior to the effective date of this Act.
ARTICLE 15. The resources held in the Fund Savings and Petroleum Stabilization not part of international reserves.
ARTICLE 16. The provisions of this Act refer only to the production of crude oil and, in any case, to gas.
ARTICLE 17. If they approach the revenues agreed to be higher than those provided in this Act, the portion of the income of Ecopetrol, which should not be saved, may serve once covered the investment costs of Ecopetrol, to serve resource requirements contingent that is article 1 character. of the Law on the National Development Plan and Public Investment, being excluded from consideration resources Ecopetrol different entities.
ARTICLE 18. This law governs from its enactment amends Law 141 of 1994 and repeals provisions that are contrary.
The President of the honorable Senate, GUILLERMO JUAN ANGEL MEJIA
The Secretary General of the honorable Senate,
PUMAREJO PEDRO VEGA.
The President of the honorable House of Representatives
BENEDETTI ALVARO VARGAS.
The Secretary General of the honorable House of Representatives, DIEGO VIVAS
REPUBLIC OF COLOMBIA - NATIONAL GOVERNMENT
published and execute.
Given in Bogota, DC, 30 August 1995.
Ernesto Samper Pizano The Interior Minister Horacio Serpa Uribe
The Minister of Finance and Public Credit, WILLIAM PERRY RUBIO
The Minister of Mines and Energy, RODRIGO VILLAMIZAR