Ecopetrol Clarifies on Oil Pipeline Project in Colombia

In relation to the information that appeared in certain media outlets on March 18, regarding the search for a strategic partner to build a pipeline, with an estimated investment of US $3,500 million, Ecopetrol makes the following clarifications:

  1. Ecopetrol's Business Plan, which aims to reach a production of one million barrels of oil equivalent per day in 2015, also includes investments to modernize and expand the capacity of refineries and transportation systems in accordance with the expected production increases.
  2. In recent years Ecopetrol has increased the capacity of its transportation systems and is evaluating additional options. Currently the company is carrying out negotiations with other oil production companies with a view towards establishing future capacity requirements.
  3. Once transportation needs are defined, the size of an eventual oil pipeline project, the required investment and business model for its development will be established.