Council of Ministers Issues Favorable Opinion on Planned Sale of Stock Participation of Ecopetrol S.A. in Empresa de Energia de Bogota S.A. E.S.P.
September 02, 2014 at 09:32 AM EDT
BOGOTA, Colombia, Sept. 2, 2014 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that as part of the requirements set forth in Law 226 of 1995, the Council of Ministers has issued a Favorable Opinion on the Planned Sale of all or part of the shares that Ecopetrol S.A. owns of Empresa de Energia de Bogota S.A. E.S.P; which was approved by Ecopetrol S.A.'s Board of Directors on August 14, 2014.
Ecopetrol S.A.'s participation in the stock of Empresa de Energia de Bogota S.A. E.S.P. amounts to 631,098,000 shares of Common Stock (equivalent to 6.87% of the subscribed and paid-up shares), and the proceeds from the sale will be used for financing the investment plan of 2015.
Ecopetrol is the largest company in Colombia and is integrated into the oil chain; it is among the 50 major oil companies in the world and among the four main ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it is present in exploration and production activities in Brazil, Peru & US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.
This report contains statements associated with the business perspectives, estimates for operational and financial outcomes and affirmations associated to Ecopetrol's growth. All the above are projections, and as such are solely based on the expectations of its directors with respect to the future of the company and its ongoing access to capital to fund the company's commercial plan. The realization of such estimates in the future depends on market conditions, regulations, competitiveness, performance of Colombia's economy and industry, to mention a few; therefore, they are subject to changes without previous notice.
For further information, please contact:
Media Relations (Colombia)
Investor Relations Director
SOURCE Ecopetrol S.A.