BOGOTA, Colombia, Dec. 3, 2010 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) announces that the Board of Directors of Oleoducto Bicentenario de Colombia S.A.S. ("OBC") has appointed Mr. Fernando Gutierrez as General Manager, who until now has been serving as General Manager of Oleoducto de Colombia S.A.
Mr. Fernando Gutierrez is a civil engineer with post-graduate studies in Pipeline and Downstream Technology. He has 40 years of experience in positions related to hydrocarbon transport, among them: General Manager at Oleoducto de Colombia (10 years), Vice President of Refining at Ecopetrol (1 year), and Vice President of Transport at Ecopetrol (2 years). In Ecopetrol's Pipeline Unit, he held a number of posts, ranging from engineer to technical superintendent, working on the design and construction of oil and multi-purpose pipelines.
Mr. Fernando Gutierrez will assume his duties in the next few days.
About Oleoducto Bicentenario de Colombia
Oleoducto Bicentenario de Colombia S.A.S. is part of the Ecopetrol business group and is dedicated to the construction and operation of a private-use pipeline between Casanare and Covenas that will have a length of 960 kilometers and a final capacity of 450,000 barrels per day.
The pipeline will be the largest of its kind in Colombia and is to be developed in four phases. In the first phase, which will connect the station at Araguaney in Casanare with Banadia in Arauca, investments of US$1.031 billion will be made. With the enlistment of partners, the execution of the first phase has been approved, and as soon as technical and financial studies are completed for the subsequent phases, they will be submitted to the company for approval.
The partners of OBC are: Ecopetrol (55%), Pacific Rubiales Energy (32.88%), Petrominerales (9.65%), Hocol (0.97%), C&C Energia (0.5%), Vetra Exploracion y Produccion de Colombia S.A (0.5%), and Rancho Hermoso S.A. - Canacol Energy (0.5%).
Total investment in the OBC has been estimated at US$4.2 billion, and it is expected that all phases will be completed in December of 2012.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
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SOURCE Ecopetrol S.A.