Colombian Ecopetrol Again Asks OFAC to Lift Restrictions on Negotiations with Venezuela
Colombian state oil company Ecopetrol is considering revising its investment plan in April if oil prices remain high, driven by geopolitical tensions that have boosted energy markets. Reuters The company plans to invest near the upper limit of its planned range of between 22 and 27 trillion Colombian pesos (approximately [...])
TL;DR
- Ecopetrol may revise its investment plan upwards if oil prices remain elevated.
- The company is pursuing energy cooperation with Venezuela, including potential crude oil exchanges.
- Ecopetrol is requesting the U.S. OFAC to relax restrictions on dealings with Venezuela.
- Increased debt is a possibility for inorganic growth like acquisitions, but manageable levels will be maintained.
- A dividend of 110 pesos per share, representing 50% of last year's profits, will be paid on March 27th.
- Ecopetrol's shares saw a significant rise following these announcements.