New Subsidiary of Ecopetrol Created
December 31, 2010 at 13:22 PM EST
BOGOTA, Colombia, Dec. 31. 2010 /PRNewswire-FirstCall/ -- As a consequence of the partial spin-off of Ocensa S.A., which carried out on December 28, 2010, Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) holds, directly and indirectly, 100% of the shares in a new company named Ecopetrol Transportation Investments Ltd., incorporated on December 30, 2010 and whose net worth is $694.3 billion Colombian pesos. The new company is located in Bermuda and its economic activity consists of making investments in the hydrocarbon sector.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.
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.
SOURCE Ecopetrol S.A.