Ecopetrol signs contract to deliver propylene to its Comai subsidiary
October 06, 2017 at 22:51 PM EDT
BOGOTÁ, Colombia, Oct. 6, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that has signed a contract to supply Refinery-Grade Propylene (RGP) to its subsidiary COMPOUNDING AND MASTERBATCHING INDUSTRY LTDA (Comai Ltda) from October 2017 to August 2022.
The estimated value of this contract is USD 160 million, for the approximate supply of 315,000 tons during its lifetime.
Entering into this long-term agreement is a significant boost to the development of the country's petrochemical industry, while at the same time generating value for the Ecopetrol Group.
This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
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Media Relations (Colombia)
SOURCE Ecopetrol S.A.