Ecopetrol Seeks $3.5bn in 2010

Colombian state-controlled oil producer Ecopetrol plans to raise as much as $3.5bn in the international markets this year. The company plans to make use of bond markets, credit facilities, multilateral and export-import loans, as well as the possible sale of non-strategic assets to help fund $6.93bn in 2010 capex, CEO Javier Gutierrez says in a conference call. Subsidiaries should need to raise up to a combined $2.3bn this year, and will do so themselves, he says. They include oil producer Hocol, the Refineria de Cartagena refinery, petrochemical unit Propilco, and pipeline operators Ocensa and ODL. Ecopetrol secured a preliminary loan commitment from US Exim in January for $1.00bn. Bond investors anticipate a follow up to the $1.5bn in 7.625% of 2019 bonds Ecopetrol sold last year via a well-received dollar debut.