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Economy

Ecopetrol to issue bonds in local market

by Newswires November 30, 2010

Colombia news - ecopetrol

Colombia’s state oil company Ecopetrol will issue 800 billion pesos or $417.3 million, in local bonds this week as part of a broader investment plan, the company said on Tuesday.

The company, whose board has approved a bond issue of up to 1 trillion pesos, said the paper will have maturities of 5, 7, 10 and 30 years.

In a statement, the company said it planned to launch the bond on Wednesday.

Ecopetrol, which is 89.9 percent owned by the state, has a $80 billion investment plan to bolster its production to 1.3 million barrels per day by 2020.

(Nelson Bocanegra / Reuters)

economyEcopetroloil

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