Ecopetrol Reports On Establishment Of New Companies That Will Comprise Part Of The Ecopetrol Business Group
July 11, 2016 at 21:26 PM EDT
BOGOTA, Colombia, July 11, 2016 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") reports that its Board of Directors has approved the establishment of the following companies for the purpose of continuing to execute the strategy of Ecopetrol Business Group for 2020:
Once the establishment of these companies has been completed, Ecopetrol S.A. will announce to the market the names of the new companies, the amount of the investment, their economic activities and nationality, as well as the stock participation that Ecopetrol S.A. will retain in them.
Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the 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 release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
For further information, please contact:
Head of Corporate Finance and Investor Relations (A)
Media Relations (Colombia)
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SOURCE Ecopetrol S.A.