BOGOTA, Colombia, July 11, 2016 /CNW/ -- 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:
- A Colombian company, 100% indirectly owned by Ecopetrol S.A.
through Propilco S.A., to which the indirect participations that
Ecopetrol S.A. currently has in Comai Ltda. and in Sociedad
Portuaria de Oleofinas y Derivados will be transferred.
- A foreign company domiciled in Peru, 100% indirectly owned by Ecopetrol S.A.,
which will be directly affiliated with Propilco S.A. and will serve
the Peruvian market directly.
- A Colombian company, 100% directly owned by Ecopetrol S.A., for
the purpose of contributing a participation of 43.35% and the
litigation rights that the Company currently possesses in
Inversiones de Gases de Colombia S.A., derived from an ordinary
legal proceeding currently in progress in the Civil Cassation Court
of the Supreme Court of Justice, in which Ecopetrol S.A. and
other companies are acting as plaintiffs.
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)
Lina MarĂa Contreras Mora
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio
Tellez
Phone: +571-234-4329
e-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.