Ecopetrol S.A. Discloses Notification from the Ministry of Finance and Public Credit
December 02, 2010 at 17:17 PM EST
BOGOTA, Colombia, Dec. 2, 2010 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") has received a notification from the Colombian Ministry of Finance and Public Credit informing the Company of a bill which has been passed by the National Government and allows the Colombian Nation to sell up to 10 percent (10%) of its equity interest in Ecopetrol.
Any such divestment would be carried out notwithstanding Law 1118 of 2006.
Ecopetrol is the largest company in Colombia and a vertically integrated oil company, among the 40 largest oil companies in the world and four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it maintains exploration and production operations in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, the majority of the network of oil pipelines and multi-use pipelines and is increasing significantly its participation in biofuels.
This release contains forward-looking statements related 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 company and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend on changes in market conditions, regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors, therefore, they are subject to change without prior notice.
SOURCE Ecopetrol S.A.