Ecopetrol Transfers Ecopetrol America Assets to Affiliate in Spain
Ecopetrolhas undertaken a reorganization of its affiliates abroad, to which end it has established Ecopetrol Global Energy S.L. (ETVE), a foreign securities holding company headquartered in Spain.
As part of said reorganization, Ecopetrol transferred all of its stake in Ecopetrol America Inc (Ecopetrol's affiliate in the United States) to its investment affiliate Ecopetrol Global Energy S.L.
The transfer of the assets amounts to US $610.1 million (EUR 445.7 mn) and was carried out at book value, in accordance with the norms and procedures set forth in the jurisdictions involved in the transaction.
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