Ecopetrol S.A. Received Communication from the Ministry of Finance
September 25, 2009 at 13:17 PM EDT
BOGOTA, Sep. 25 /PRNewswire-FirstCall/ -- Ecopetrol S.A received a communication from the Colombian Ministry of Finance (Ministerio de Hacienda y Credito Publico) regarding the potential sale of Ecopetrol's shares.
On that subject, the Ministry informed Ecopetrol that the Strategic Road Plan (Programa Estrategico de Autopistas - PROESA, Etapa 1) was approved by the CONPES (National Council for Economic and Social Policy) in a meeting that took place on Monday, September 21, 2009, and includes the following recommendation:
"Delegate the Ministry of Finance to gradually sell up to 10% of Nation's shares in Ecopetrol S.A., in coordination with the competent entities, as well as to evaluate the different options for financing the strategic projects set forth in this document, taking into account the evolution of the Nation's revenues and guaranteeing that the development of such projects does not affect the sustainability of the Nation's medium-term indebtedness as defined in the Medium-Term Fiscal Debt Plan."
The Ministry also informed Ecopetrol that should the option of selling Ecopetrol's shares be selected, any sale is conditioned on the finalization of Ecopetrol's Capitalization Process pursuant to Law 1118 of 2006. For these purposes, the required diligence process relating to the corresponding legal, regulatory and statutory adjustments which could be required will be conducted.
Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
Contact us for any additional information: Investor Relations Alejandro Giraldo Phone: +571-234-5190 Email: email@example.com Media Relations (Colombia) Mauricio Tellez Phone: +571-234-5377 Fax: +571-234-4480 Email: firstname.lastname@example.org Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.