Colombia’s state-run oil
company Ecopetrol said on Tuesday it will
propose an issue of up to $8.1 billion in nonconvertible bonds
to help finance investments through 2011.
Shareholders will consider the plan at a March 26 meeting.
The issue would be the country’s largest corporate debt
sale and the paper could be placed in Colombia or in
international markets, the company said.
Ecopetrol had said last month it would invest $6.2 billion
this year and could seek debt to help finance its investments
depending on market conditions. (Reuters)