Ecopetrol S.A. Reports the Change of Authorized Guarantees for Syndicated Loan with Colombian Banks
December 21, 2011 at 16:22 PM EST
BOGOTA, Colombia, Dec. 21, 2011 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol") reports that under amendment (Otro Si) No.1 to the COP$2.2 trillion (approximately US$1 billion) syndicated loan facility executed with a syndicate of local banks in May 2009, participating banks agreed to replace the guarantees, which originally included a pledge over shares held directly or indirectly by Ecopetrol S.A. in Refineria de Cartagena (Reficar), Oleoducto Central S. A. (Ocensa), and Polipropileno del Caribe S.A. (Propilco), with a closed-end pledge over shares held directly by Ecopetrol in Hocol Petroleum Limited (HPL), Offshore International Group and Polipropileno del Caribe S.A. (Propilco).
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 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.
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SOURCE Ecopetrol S.A.