Ecopetrol Sale Slated For August

Colombia’s government Thursday said it hopes to start selling off a 20% stake in the country’s largest company, state-run oil concern Ecopetrol, at the end of August. The sale is set to become the largest privatizations yet by Alvaro Uribe’s administration, with analysts estimating revenue of around $3 billion from the sale. The money raised will be used to fund exploration and increase production. Ecopetrol is looking to mandate two investment banks in the second half of April to prepare the sale.