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January 10, 2008 |
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ECOPETROL: Initial Public Offering Brings in US$2.8 Billion Randy Woods at the Energy Tribune reports that Colombian state- owned oil firm Ecopetrol has raised US$2.8 billion in its first sale of shares. According to The Tribune, the stake sale was launched to fund Ecopetrol's US$12.5 billion, five-year investment plan and boost the firm's corporate structure. The Tribune relates that Ecopetrol sold 10.1% of its shares to: -- Colombian citizens, -- pension funds, and -- some local firms. The report says Ecopetrol shares began trading on the Colombian stock exchange in November 2007. Ecopetrol decided to delay the sale of additional shares until there is a need for more capital. Ecopetrol can sell a 20% stake. Ecopetrol will eventually make shares available to international investors, the Tribune states. Ecopetrol is an integrated-oil company that is wholly owned by the Colombian government. The company's activities include exploration for and production of crude oil and natural gas, as well as refining, transportation, and marketing of crude oil, natural gas and refined products. Ecopetrol is Latin America's fourth-largest integrated-oil concern. Operations are organized into Exploration & Production, Refining & Marketing, Transportation, and International Commerce & Gas. Ecopetrol produced 385,000 barrels a day of oil and gas in 2006 and has 330,000 barrels a day of refining capacity, according to the company's Web site. In 2005 it produced about 60 percent of Colombia's daily output. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign and local currency issuer default ratings at 'BB+' and 'BBB-', respectively. |
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