A New Subsidiary of the Ecopetrol Business Group is Created: Ecopetrol Capital AG
January 04, 2011 at 09:47 AM EST
BOGOTA, Colombia, Jan. 4, 2011 /PRNewswire/ -- According to its strategy of expansion and internationalization and in order to improve the utilization of the financial resources of the Ecopetrol Business Group, Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") has created a new subsidiary named Ecopetrol Capital AG.
Ecopetrol Capital AG was incorporated in Zurich, Switzerland and has an equity value of CHF100,000 Swiss Francs. 100% of its stock is held directly by Ecopetrol S.A.
After Ecopetrol Capital AG registers with the Central Bank of Colombia, it is expected that it will operate as a foreign financial entity.
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.