Press release from PR Newswire
Ecopetrol completes the transfer of transportation assets to its wholly-owned subsidiary, Cenit
Monday, April 01, 2013
Ecopetrol completes the transfer of transportation assets to its wholly-owned subsidiary, Cenit21:05 EDT Monday, April 01, 2013
BOGOTA, Colombia, April 1, 2013 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that today it completed the transfer of hydrocarbon transport and logistics assets to its wholly-owned subsidiary, Cenit-Transporte y Logistica de Hidrocarburos S.A.S.
The total assets transferred to Cenit are valued at $13.6 trillion Colombian pesos.
Cenit is a company 100% owned by Ecopetrol.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
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SOURCE Ecopetrol S.A.