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The Colombian Congress to approve the sale of 20% of Ecopetrol
Petroleumworld
CARACAS
Petroleumworld.com 09 15 06
The Colombian Congress is expected to approve the sale of as much as 20% of Colombia's oil company Ecopetro, with president Alvaro Uribe's suporters, who control about two-thirds of the two house, agreeing the needs of capital to power Ecopetrol that requires additional funds to finance new exploration and production projects.On Tuesday, the government sent the bill to Congress asking for approval of the sale of Ecopetrol shares, in the country's capital markets first and later if the total initial public offering it is not sold, it will offer to sell American Depositary Receipts in the U.S. and list them on the New York Stock Exchange.
Colombia production has fall significantly in recent years to an average 526,111 barrels a day last year from a peak of 815,000 b/d in 1999.
The government expects the country to become a net importer of oil in 2012, unless new discoveries are made.
Petroleumworld 14 09 06
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