Colombia To Privatize 20% Of Ecopetrol

Colombia’s government has finally confirmed its plans to sell off 20% of the country’s largest company, oil concern Ecopetrol. In accordance with national privatization law, the stake will first be offered to the “solidarity” public sector comprising: unions, workers pension funds, and cooperatives. The sale of all or at least part of the company has often been a topic of discussion over the past few years, during which Alvaro Uribe’s government has pursued a vigorous program of privatization.