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Ecopetrol provides update of subscription of the Declaration of the Nation as majority shareholder.

M2 EQUITYBITES-February 20, 2018-Ecopetrol provides update of subscription of the Declaration of the Nation as majority shareholder

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Ecopetrol SA (BVC:ECOPETROL) (NYSE:EC) declared on Tuesday that Colombian Ministry of Finance and Public Credit has subscribed for the Declaration of the Nation in its role as majority shareholder.

On 16 February 2018, the Colombian Ministry of Finance and Public Credit became the majority shareholder in the company for a ten year term.

Under the declaration, the the Colombian Ministry of Finance and Public Credit acquires commitments as the majority shareholder as well as allows the company's minority shareholders to benefit from good corporate governance practices.

Based in Colombia, the company operates the largest refinery in Colombia and most of the country's oil-pipeline and polyduct network and is significantly increasing its share in bio-fuels.

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Publication:M2 EquityBites (EQB)
Date:Feb 20, 2018
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