Government Informs Ecopetrol of Stake Sale

Colombia’s finance ministry has notified Ecopetrol it could gradually sell up to 10% of Ecopetrol in 2011 to finance the construction of highways, in which it intends to invest more than COP10trn ($5.2bn), by 2021. A 10% stake in Ecopetrol is worth about $6.0bn based on the September 25 closing price of COP2,695 per share. The government holds an 89% stake in the oil company.