BOGOTA, Colombia, July 16, 2012 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that its Board of Directors, in a meeting held on July 13, 2012, authorized the following transfers of shares:
- Transfer of all Ecopetrol S.A. shares in Oleoducto Central S.A. (Ocensa) to Cenit Transporte y Logistica de Hidrocarburos S.A.S. ("Cenit").
- Transfer of all Ecopetrol S.A. shares in Oleoducto de Colombia S.A. (ODC) to Cenit.
- Transfer of all Ecopetrol S.A. shares in Oleoducto Bicentenario S.A.S. to Cenit.
- Transfer of all Ecopetrol S.A. shares in ODL Finance S.A. to Cenit.
- Transfer of all Ecopetrol S.A. shares in Serviport S.A. to Cenit.
- Transfer of all Ecopetrol S.A. shares in Ecopetrol Pipelines International Limited to Cenit.
This authorization was announced as a follow-up to the decision taken by the Board of Directors of Ecopetrol S.A. on June 15, 2012 to create Cenit, a subsidiary company fully owned by Ecopetrol, specialized in hydrocarbon transport and logistics in Colombia.
The transfer of the shares of Ecopetrol S.A. in these companies will facilitate the fulfillment of Cenit's corporate purpose and meet the national oil industry's growing needs resulting from the increase in hydrocarbon production and increased sales of crude and refined products, both in Colombia and to international markets.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 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 refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and 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.