Ecopetrol will continue to undertake operation and maintenance of the existing transportation infrastructure, for which it will sign the respective contracts with Cenit. The terms and working conditions for current employees of the Vice-Presidency for Transport and Logistics will not undergo any change.
With today's approval from the Board of Directors, the issuance of the required decree, and the incorporation of the new subsidiary, a period of transition begins in which the new company will organize its structure and processes in order to begin operations in the coming months.
This decision strengthens Ecopetrol's strategic plan, and contributes to reach the 2020 goals for the Corporate Group.
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: firstname.lastname@example.org Media Relations ( Colombia) Mauricio Tellez Phone: +571-2345377Fax: +571-2344480Email: email@example.comWebsite: www.ecopetrol.com.co SOURCE Ecopetrol S.A.