Ecopetrol SA, Colombia’s state-controlled oil producer, plans to sell shares next year to finance 2011 investments, Chief Executive Officer Javier Gutierrez told radio broadcaster Caracol Thursday.
The company’s board is studying the sale of a 9.9 percent equity stake, Gutierrez told the station. Most of next year’s investment is earmarked to produce and explore for oil in Colombia, according to the broadcaster.
The company will likely sell the stake in the first half of 2011, Energy and Mines Minister Carlos Rodado said Nov. 16. (Heather Walsh / Bloomberg)