BOGOTA, Colombia, May 11, 2012 /PRNewswire/ -- Ecopetrol (NYSE: EC; BVC: ECOPETROL; TSX: ECP) announces the financial closing of the phase 1 of the Bicentenario Pipeline. The financing was completed with a syndicated loan from Colombian banks in the amount of $2.1 trillion pesos. The financial terms include an interest rate of DTF + 4.54%, and a term of 12 years with a 1-year grace period.
The loan does not include any financial guarantee from the partners. However, there are “ship or pay” transport commitments from the partners which are intended to ensure the necessary revenues to meet the debt service payments of the syndicate loan.
Seven oil companies with operations in Colombia are partners in the Bicentenario Pipeline (including Ecopetrol with a 55% stake). The pipeline will transport oil from the Llanos Orientales region to the port of Covenas on the Colombian Caribbean coast. Phase 1 of the pipeline will connect the stations of Araguaney and Banadia.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. Contact us for any additional information: Investor Relations Alejandro Giraldo Phone: +571-234-5190Email: email@example.com Media Relations ( Colombia) Mauricio Tellez Phone: + 571-2345377Fax: +571-2344480Email: firstname.lastname@example.org Website: www.ecopetrol.com.co SOURCE Ecopetrol S.A.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV