BOGOTA, Colombia, May 30, 2014 /PRNewswire/ -- Ecopetrol (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that Ecopetrol and labor unions filed the Collective Labor Agreement claim in the Ministry of Labor.
This action stems from the June 30, 2014 expiration of the Collective Labor Agreement, signed in 2009 and in effect for five-years, which benefits Ecopetrol's direct employees.
As prescribed by law, the parties to the agreement have the right to express their intent to modify it by means of a claim. If a list of demands is presented by the unions, the company and labor unions must initiate talks for a new Collective Labor Agreement.
The claim filed by Ecopetrol aims to update content to reflect the company's growth and future prospects, as well as make adjustments to create a simpler and more up-to-date text that achieves greater clarity and ease of application within the legal framework.
Ecopetrol urges the use of dialogue and cooperation as a means to strengthen the company for the benefit of its workers, labor unions and the country.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for more than 60% of total production. It is one of the top 50 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 refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and an increasing participation in biofuels.
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.