An international brand consultancy firm has stated the brand value of Colombian state-run petroleum company Ecopetrol is $3.596 billion, according to a news release from the energy company.
According to the report by brand consultancy firm Interbrand the brand value represents 4.1% of the market value of the company as of December 2010.
This makes Ecopetrol the most highly valued brand in Colombia and one of the top 20 in Latin America. Interbrand noted that the strength of the Ecopetrol brand is higher than the industry average.
Reports undertaken by the global firm between 2007 and 2009 show that the brand value of Ecopetrol was close to that of Shell. The only Latin American energy company which tops Ecopetrol is Brazilian company Petrobras.
The evaluation process took three months, and involved a detailed analysis of balances and the financial behaviour of the company as well as consumer and interest group perception, among other criteria. Top executives and other workers were interviewed to verify the coherence between what the brand says and perceptions within the company.
The energy company adopted the young iguana as its logo in 2007, the same period when the company began its democratization process to allow nearly 500,000 Colombians to become shareholders.
According to Interbrand the Ecopetrol brand stands out locally and differentiates itself from others by having a graphic logo and a slogan which reflects the company’s vision of sustainability – “Energy for the future.”
