The energy ventures of Maduro and Petro are under scrutiny by OFAC. This is not surprising given their ideologically questionable security agreements. Now, the revival of an old project, the San Mateo-Corozo electrical interconnection, raises suspicions and alerts the U.S. Department of Treasury, which is reviewing the potential for sanctions.
According to the press, there are concerns about the involvement of newly established, inexperienced companies linked to Gustavo Petro, which have a questionable history in Venezuela. The unusual speed at which permits are being approved and regulatory measures are being relaxed raises eyebrows.
Individuals with allegations of corruption and an irregular project revival process have kept the U.S. Office of Foreign Assets Control (OFAC) on alert, while those involved weigh the consequences of facing sanctions.
The Colombian-Venezuelan Electrical Interconnection
The strengthening project for the Cuatricentenario-Cuestecitas and Corozo-San Mateo interconnections, costing USD 125,200,000, has been abandoned for years. Its revival is part of Gustavo Petro’s new energy policy priorities initiated in August 2022, encompassing two main objectives:
– Cessation of hydrocarbon exploration in Colombian territory.
– Opening up energy trade with Venezuela, including the import of Venezuelan gas and the restoration of electrical connections.
According to Colombian Mines Minister Edwin Palma, both projects are expected to be realized before the end of 2025, as they are seen as strategic priorities.
The project details state there are two main electrical interconnections between Colombia and Venezuela: Cuestecita-Cuatricentenario and San Mateo-Corozo. The former allows for a maximum exchange of 150 MW and synchronized operation, while the latter facilitates a 140 MW exchange.
The Companies Involved
Two companies are in charge of the project: Activa Process Management Green Projects Colombia S.A.S. and HT Industries Colombia S.A.S. E.S.P., both established in November 2024 with minimal capital and no proven experience in the sector. This situation seemingly lacks significance for Colombian authorities, who have rushed the process and relaxed technical requirements through the Ministry of Mines and expedited approvals from UPME.
Activa Process Management Green Projects Colombia S.A.S.:
Establishment: November 2024.
Capital: subscribed capital of only 25 million pesos.
Experience: none in the Colombian energy sector.
Actions: Despite a lack of expertise, it began negotiations with state companies ISA and Cens to operate the transmission line. In January 2025, its assembly authorized Blasco to borrow 30.5 billion pesos. They received UPME approval for their project.
HT Industries Colombia S.A.S. E.S.P.:
Establishment: November 2024.
Actions: Registered in the energy sector and, according to media investigations, increased its capital to over 2 billion pesos in less than a year.
Backing: support and guidance from lawyer Luis Ferney Moreno Castillo.
Colombian press highlights this fact, pointing out that Moreno Castillo is on the board of ISA while simultaneously advising Antonio Blasco Muñoz, the Spanish businessman leading Activa and HT, who was declared by Spanish courts as responsible for causing a 5.5 million euro financial loss to the C.D. Castellón club, a prominent recent case.
Blasco’s connections with influential industry figures may have been decisive in securing contracts. The core of the issue is that while the Colombian government prioritizes the deal’s realization, the involved state companies, ISA (Interconexión Eléctrica S.A.) and CENS (Compañía Energética de Occidente), sense the risk of international sanctions.
The Role of Moreno Castillo
Luis Ferney Moreno Castillo is a lawyer with an extensive background in the energy sector, boasting a network of influential contacts. His dual role as a board member of ISA, one of the state enterprises negotiating with Activa, raises questions as he has provided legal advice, resources, and strategies to Antonio Blasco to clinch the deal.
Moreover, he is said to have business and personal ties with figures like Ricardo Roa, president of Ecopetrol. Investigative journalism shows that HT Industries and Moreno’s firm share the same corporate address and phone number, strengthening observations of irregularities.
Though he denies it, Luis Ferney Moreno Castillo is allegedly connected to the Hilsaca Empire, owned by Alfonso “El Turco” Hilsaca, a controversial businessman linked to numerous public contracts and electoral financing, which led to contract awards in Cartagena. He is also accused of financing Gustavo Petro.
Salomón Eljadue Rizcala—nephew and legal advisor to the Hilsaca family—was head of litigation at Moreno Castillo’s firm until 2023.
Regulatory Acceleration and Approval Process
As noted, the speed at which Petro’s government has facilitated the processes is a key aspect of this case.
Date | Entity/Event | Key Decision | Observations
January 28, 2025 | Ministry of Mines and Energy | Issuance of Resolution 40024 | Relaxed technical requirements for reactivating decommissioned power lines, directly benefiting the interconnection project with Venezuela.
June 4, 2025 | Ministry of Mines and Energy | Approval of the energy transmission plan. | A necessary step for the project’s viability.
June 28, 2025 | UPME | Approved the project presented by Activa. | The approval occurred only one month after the formal request, which is described as an “unusually short” timeframe for such procedures.
Investigative reports indicate that despite the approvals, the operation has not yet been finalized, as Activa Process Management is not registered in the Colombian electricity market.
Risk of International Sanctions (OFAC)
This fact—failure to finalize the operation despite the grants—boils down to the threat of sanctions from the Office of Foreign Assets Control (OFAC) of the U.S. Treasury, as it would involve transactions with Nicolás Maduro’s regime.
Colombian state companies, both ISA and Cens, caution against proceeding without explicit OFAC authorization, which hinders the agreement’s materialization.
Additionally, Gustavo Petro and his close circle’s inclusion on the “Clinton List” serves as another warning signal.
Other Involved Actors
Sources from Venezuela Política highlight the involvement of controversial Venezuelans such as Serafino Iacono (economist) and José Francisco Arata (geologist), who present themselves as experts in Colombia, despite their irregular experiences in Lagoven and Maraven.
Arata was linked to Alfredo Gruber, a former minister of Heavy Industries under Rafael Caldera’s second government, who faced corruption accusations over two gold exploitation concessions with the Venezuelan Corporation of Guayana and was thus removed from office.
His employment history also reflects controversy due to his involvement in Pacific Rubiales, owned by Frank Giustra, a friend and alleged financier of Bill Clinton. This once-dominant independent oil giant in Latin America came into existence through a web of companies established in tax havens, acquiring over 80 firms in around twenty countries that facilitated capital movement and tax evasion.
Serafino Iacono, also implicated alongside Arata for Pacific Rubiales’ downfall, was criticized for jeopardizing Ecopetrol’s stability when Ricardo Roa purchased a luxury apartment from Iacono for well below market value, just weeks after becoming president of the Colombian oil company.
This conflict of interest stemmed from the fact that Iacono reportedly had personal stakes in Ecopetrol, holding a 72% share in a gas block operated by the Colombian company.
José Francisco Arata was notably the sole administrator of the Danish real estate firm, European Real Estate ApS, which controls a business network owning a town and castle in Tuscany, with several irregularities reported against it.