The Ministries of Finance and Mining have sent a letter to Congress urging it to approve President Santos’ decree proposing the sale of 10% of state-owned oil company Ecopetrol.
The profits from the sale of shares would be put towards the necessary recovery and reconstruction of infrastructure damaged by the recent rainy season, Dinero reported Wednesday.
The letter was addressed to the fifth committee of the House of Representatives, whose backing the transaction requires, although the discussion of which could take an entire semester in Congress.
The mines and energy minister, Carlos Rodado, had earlier said that the reconstruction process is “an emergency that needs a solution right now. It can’t wait.”
The government currently owns 90% of the oil company and has earmarked a further 10% sale in order to fund the company’s expansion projects, leaving the government with a potential 70% ownership stake.
