Ecopetrol S.A. Transfers Assets to Its Affiliate in Spain
June 18, 2009 at 17:00 PM EDT
BOGOTA, June 18 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC) reports it has undertaken a reorganization of its affiliates abroad, to which end it has established Ecopetrol Global Energy S.L. (ETVE), a foreign securities holding company headquartered in Spain.
As part of said reorganization, Ecopetrol transferred all of its stake in Ecopetrol America Inc (Ecopetrol's affiliate in the United States) to its investment affiliate Ecopetrol Global Energy S.L.
The transfer of the assets amounts to USD 610.1 million (EUR 445.7 mn) and was carried out at book value, in accordance with the norms and procedures set forth in the jurisdictions involved in the transaction.
Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.
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.
Contact us for any additional information: Investor Relations Alejandro Giraldo Phone: +571-234-5190 Email: firstname.lastname@example.org Media Relations (Colombia) Mauricio Tellez Phone: + 571-2345377 Fax: +571-2344480 Email: email@example.com Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.