BOGOTA, Colombia, June 23 /PRNewswire-FirstCall/ -- The National Institute of Concessions (INCO) has renewed the port concession Ecopetrol S.A. (NYSE: EC) (BVC: Ecopetrol) (BVL: EC) ("Ecopetrol" or the "Company") has had to occupy the Pozos Colorados Maritime Terminal. The port concession renewal provides Ecopetrol with exclusive and temporary access to the terminal for a period of 20 years beginning June 2010. The Company's previous concession to the terminal expired on June 13, 2010.
The Pozos Colorados Maritime Terminal is located in the Santa Marta District of Magdalena Province and has been in operation since 1963. It constitutes a vital infrastructure in the importing and exporting of hydrocarbons in Colombia.
The concession allows Ecopetrol to guarantee continuity of operations, job creation and economic benefits for the city of Santa Marta and the province of Magdalena. Ecopetrol's investment plan in the concession totals twenty million, two hundred thirty-four thousand, eight hundred fifty-nine dollars (US$20,234,859). In addition, an annual compensation will be paid in the amount of five hundred thirty-six thousand, nine hundred sixty-nine dollars (US$536,969).
Continuity of operations helps Colombia breathe clean air and makes production and transport of heavy crude from Colombia's Mid-Eastern Region viable, which in turn provides many benefits to the local communities in terms of royalties, transport tariffs and job creation.
Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its 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.
SOURCE Ecopetrol S.A.