Ecopetrol Announces Float

Ecopetrol says it plans to float up to a 9.9% stake early next year to fund its investment plans. The Colombian oil company’s 2011 investment plan requires financing of $6.06bn which it says could come from the stake sale, fundraising in either the local or international capital markets, credit facilities with commercial banks, export development credits and the sale of non-strategic assets. In addition, the company’s subsidiaries and affiliates will require $1.458bn in financing. Ecopetrol’s financing needs could be even higher if it decides to make acquisitions next year, it says.