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.
Bogota, March 23, 2010
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Ecopetrol is Colombia´s largest company and a vertically integrated crude oil and natural gas company. Ecopetrol is among the top 40 oil companies in the world and the four largest oil companies in Latin America. In addition to having operations in Colombia where it generates over 60% of the country´s production, it has operations in Brazil, Peru and the US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, the majority of the network of pipelines and polyducts, and continues to significantly increase its participation in biofuels.
Forward looking statements
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the Company and its continued access to capital to fund the Company´s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
For additional information, please contact:
Investor Relations Director
Alejandro Giraldo
Telephone: +571-234-5190
Email: investors@ecopetrol.com.co
Media Relations
Mauricio Téllez
Telephone: + 571-2345377
Fax: +571-2344480
Email: mtellez@ecopetrol.com.co
Website: www.ecopetrol.com.co