Ecopetrol Looks to Shed EEB Stake

Ecopetrol is considering parting with its 6.9% stake in Empresa de Energia de Bogota (EEB), and has received board approval to take the first steps. The state-owned oil producer does not indicate timing, and still must secure government approval to sell the stake, which would be worth COP912.24bn ($483m), based on Thursday’s closing price. Ecopetrol considers the asset non-strategic and would use proceeds from a sale for funding its investment plan. The city of Bogota controls EEB with a 76.3% stake.