Ecopetrol S.A. Received a Communication from the Colombian Ministry of Finance
November 18, 2009 at 20:21 PM EST
BOGOTA, Nov. 18 /PRNewswire-FirstCall/ -- On November 18, 2009, Ecopetrol S.A (NYSE: EC; BVC: ECOPETROL) ("Ecopetrol" or the "Company") 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 Minister informed Ecopetrol that, during a press conference held at the Ministry of Finance today, and in reply to a question posed by a journalist, the Minister mentioned a proposal made by the Ministry of Transportation to the Ministry of Finance in respect of the Nation's shares in Ecopetrol.
The Ministry of Transportation's proposal aims to structure the sale of up to 15% of Nation´s shares in Ecopetrol in order to finance transportation infrastructure projects throughout Colombia. Furthermore, the Ministry of Transportation proposes the submission of a bill to Congress in order to authorize actions by the Nation in respect of such a sale.
The Ministry of Finance had previously disclosed the intention to sell up 10% of the Nation's shares in Ecopetrol S.A.
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: firstname.lastname@example.org Media Relations (Colombia) Mauricio Tellez Phone: + 571-2345377 Fax: +571-2344480 Email: email@example.com Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.