Ecopetrol s.a. announces that Procuraduría General de la Nación delivers favorable opinion on conciliation agreement between Frontera, Cenit and Bicentenario
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Ecopetrol s.a. announces that Procuraduría General de la Nación delivers favorable opinion on conciliation agreement between Frontera, Cenit and Bicentenario
Mar 26, 2021
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) hereby discloses the press release issued by its subsidiaries Cenit Transporte y Logística de Hidrocarburos S.A.S. and Oleoducto Bicentenario de Colombia S.A.S., announcing that the Office of the Attorney General of Colombia (Procuraduría General de la Nación) has delivered its opinion on the Conciliation Agreement, announced on November 16 2020, between Frontera, CENIT and Bicentenario. The opinion is favorable, recommending the conciliation to be approved.
The Conciliation Agreement will resolve all the disputes between the parties related to the Bicentenario Pipeline and the Caño Limón – Coveñas Pipeline, and will terminate all the pending arbitration proceedings related to such disputes.
This favourable opinion completes the first of two stages of the conciliation process. The arrangement is conditional upon a definitive decision issued by the Administrative Tribunal of Cundinamarca.
Bogotá, March 24, 2021
