Ecopetrol OKs Bond Issuance

At its annual general meeting, Ecopetrol’s shareholders approved a COP5.5trn ceiling for non-convertible bond issuance, the company says. It says bonds can be issued in Colombia or abroad in 1 or several tranches over the following years. The state oil giant does not specify for how many years the ceiling will be in effect. A company spokesman says Ecopetrol is not working on a bond issue at the moment. Last year, the Colombian oil giant issued $1.5bn in bonds. Besides Colombia, where it has 60% of total production, Ecopetrol is involved in exploration and production activities in Brazil, Peru and the US.