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Colombia's Congress in favor of Ecopetrol sale
Petroleumworld
CARACAS
Petroleumworld.com 11 23 06
Colombian's congress energy and oil committees gave thew go ahead for the full Congress to approved a bill that would permit the sale of 20% skate of Colombia's state oil company Ecopetrol's 20% to investors, a Ecopetrol official told BNamericasnews."I think the full senate and house will receive the bill next week since it was flagged as urgent by the government," the official told BNamericas.
The lawmakers wrote down various rules on how many Ecopetrol shares individual and institutional investors can buy. Individual investors are not to buy more than the equivalent of 5,000 minimum monthly salaries in Ecopetrol shares, or US$900,000 total, the company official said.
Institutional investors can buy no more than 3% of Ecopetrol, according to the committees' guidelines.
"Some controls were placed on share purchases in order to prevent the sale from going to a reduced number of people," Colombia's SNE news agency quoted mining and energy minister Hernán Martínez Torres as saying.Open participation would help Ecopetrol's financial and administrative efforts, to carry out E&P investments to explore for more oil, according to the government.
Petroleumworld 22 11 06
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