Superintendancy of Industry and Commerce Has Approved Transaction for Purchase of BP in Colombia
December 21, 2010 at 16:15 PM EST
BOGOTA, Colombia, Dec. 21, 2010 /PRNewswire-FirstCall/ -- Ecopetrol S.A (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) reports that the Superintendancy of Industry and Commerce (Superintendencia de Industria y Comercio), in a statement issued on December 17, 2010, had no objections to the acquisition carried out by Ecopetrol and Talisman Colombia Holdco Limited of BP Exploration Company (Colombia) Limited.
With this authorization, the parties will be able to proceed with the closing of the deal, on the terms announced last August 3, 2010.
BP Exploration Company (Colombia) Limited is becoming an affiliate with interests of 51% for the Grupo Empresarial Ecopetrol, and 49% for Talisman Colombia Holdco Limited, with operational, administrative and financial autonomy.
This operation helps to increase Ecopetrol's base of reserves and hydrocarbon production with a view to fulfilling the goal of 1.0 million barrels a day established in its corporate strategy for the year 2015, and 1.3 million barrels a day in year 2020.
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.