ISA General Manager Named New Ecopetrol Head

Javier Gutierrez Pemberthy has been appointed as new president of Colombia's national oil company Ecopetrol, the company reported.

Gutierrez was appointed November 30, Ecopetrol said. Until then, he was general manager of ISA, Colombia's state-controlled electricity company. He is scheduled to assume the new post on January 17.

The executive worked at ISA during an unprecedented period of domestic and international expansion for the utility during which it entered Brazil and Peru. Ecopetrol has been initially cleared by Colombian lawmakers to sell 20% of its shares on the open market.

Chief among challenges for Gutierrez will be the matter of dwindling crude oil production, now hovering around 500,000b/d from its 1990s heyday of 600,000b/d.

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