Colombia’s government on Wednesday authorized state oil firm Ecopetrol to issue bonds of up to 1 trillion pesos ($543 million) in the local market to fund its 2010 investment plan.
The finance ministry said the the bonds could be between three years and 30 years, would be peso-denominated and issued on the local market. The paper will be fixed and variable rates linked to inflation and the fixed-term deposit rate.
On Tuesday, Ecopetrol said third-quarter net earnings rose 42.7 percent to 1.7 trillion pesos ($924 million) compared with the same period last year. [ID:nN26178202]
Ecopetrol, Colombia’s largest oil producer, has announced an ambitious $80 billion investment plan to boost its production to 1.3 million barrels per day (bpd) by 2020. (Javier Mozzo / Reuters)
