Ecopetrol SA (NYSE: EC) informs that the Exceptionality Contract signed with the Ministry of Finance and Public Credit on February 12, linking with Ecopetrol’s potential purchase of MHCP’s 51.4% stake in Interconexión Eléctrica S.A., has been prolonged until August 31, 2021.
Ecopetrol informs MHCP of its resolution of not preparing the concluding of ISA’s purchase to an equity posing
Moreover, Ecopetrol has notified the MHCP of its assessment of not conditioning the concluding of ISA’s gaining to an equity offering. This conclusion trusts on the promising development of the monetary state of Ecopetrol Group, which provides the suppleness to attain the closing of the ISA deal through a credit facility with global banks and associated with the influence strictures established in the company’s business plan. The payout of such a credit facility would be a topic to the concluding of the ISA transaction.
Nevertheless, the company will endure working on organizational bankrolling creativities for the energy changeover plan, such as an equity issuance and the implementation of medium and long-term obligation dealings, under satisfactory market circumstances.
Ecopetrol reports the punishment enforced by the ANLA
In other news, the company informed that ANLA, through Resolution No. 754 of 2021, has declared the company accountable for carrying outworkings during the building phase of the hydrocarbon conveyance scheme of the Poliducto Andino project, the environmental management plan would not have shielded that.
Therefore, the ANLA decided to levy on Ecopetrol a penalty of COP$ 1,308,670,854. The consent does not establish a final result within the outline of the managerial authorizing process. The company can request this conclusion and will make the proper filing within the obligatory lawful timeframe.
Ecopetrol is the biggest company in Colombia and one of the leading assimilated oil and gas corporations in Latin America, with more than 13,000 workers. It accounts for more than 60% of the hydrocarbon invention in Colombia, and it holds the most significant plants and most of the country’s oil pipelines and multi-purpose conduits network. It also contributes to the commercialization of energy and the supply of gas. Ecopetrol emphasizes planned basins on the American landform globally, with E&P processes in the United States, Brazil, and Mexico.