New horizons: Ecopetrol signs credit deal
Ecopetrol signs $1bn credit deal
Colombia's state oil company Ecopetrol said today it had signed up for a seven-year, nearly $1 billion credit with a group of local banks as part of its investment plans.
The company said earlier this month it could seek up to $3.7 billion in debt this year, including issuing debt on the international market and is also studying other credits.
Ecopetrol, which is 89.9% owned by the Colombian state and listed on the New York and Bogota markets, plans to invest $6.2 billion this year and is looking to spend up to $10 billion to buy overseas assets in the next six years as it expands its international operations, said a Reuters report.