The first round is due to begin on August 27.
The first two rounds will be directed toward the so-called solidarity sector that includes pension funds, unions and cooperatives.
Private individuals will be allowed to participate in the issues but will not be able to invest more than 2bn pesos (US$1mn), BNamericas previously reported.
Colombian and foreign corporate entities will be allowed to participate in the third issue of shares scheduled to begin in 2008 but no company will be allowed to purchase more than 3% of the shares in circulation.
Ecopetrol is expected to use some of the revenues generated from the sale to finance its US$12.5bn investment plan and could use the funds in the construction of a refinery in Central America, Ecopetrol president Javier Genaro Gutierrez told Caracol Radio.
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