Ecopetrol May Sell Shares to Finance Expansion

Ecopetrol May Sell Shares to Finance Expansion

People Corporate & Sovereign Strategy Equity

Ecopetrol CEO Javier Gutierrez says the company could consider selling a 9.9% stake in new shares if needed to finance expansion. He explains that this would be a continuation of a plan approved by the Colombian congress in December 2006, allowing the oil company to sell up to 20% in new shares, of which already 10.1% has been sold. “This will depend on the evolution of our investment plans, and when we strictly require doing so we will go to market to sell the remaining 9.9%,” Gutierr

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