Worldwide Energy News - Article

This article is extracted from International Oil Letter, Vol 22 issue 51 published 25 December 2006.

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Ecopetrol to sell 20% stake - Colombia

The Colombian Congress has authorized the government to sell a 20% stake in state oil company Empresa Colombiana de Petroleos (Ecopetrol) in order to obtain needed investment funds for exploration and production, as well as the modernization of the petroleum infrastructure. The emission and allocation of the shares will include three rounds: the first two will give priority to Colombian pension funds, company workers, cooperative associations and employee funds. Once these two rounds are completed, the surplus shares will be offered to the general public. The sale will be conducted in September 2007.

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