News and AnalysIs for

Ecopetrol released purchasing figures which show that just over 90% of its purchasing for goods and services in the first half of 2013 (January –June 2013) were with Colombian companies. Moreover, its hiring of local suppliers grew 46% compared to the previous year, according to information from the Ministry of Mines and Energy (MinMinas).

The Colombian government has approved an Ecopetrol bond issue of up to COL3T (US$1.556B), a move analysts say will bolster the dollar against the Colombian peso.

Ecopetrol, through its subsidiary Bioenergy, has land holdings that exceed the legal limits established by Colombian law.

Ecopetrol’s Coveñas terminal is the first among members of the Regional Association of Petroleum, Gas and Biofuel Companies in Latin America and the Caribbean (Arpel) to receive a cross check audit as part of an integration process.

Colombian paint specialist Pintuco has reached an agreement with Ecopetrol to commercialize the later’s MCO-R paint technology in the domestic market as part of a technology transfer and innovation program run by the state oil firm.

Ecopetrol president Javier Gutierrez looks at 2013 with optimism both for the state oil firm’s prospects position but also for Colombia’s economic and political advances.

Mexico’s Energy Secretary Pedro Joaquín Coldwell has embarked on a state trip which includes meetings to discuss the business model of Ecopetrol with Colombian officials, as well as attend an energy conference in Bogota and later a trip to Brazil.

For each peso that Ecoperol invests in its Colombian Petroleum Institute (ICP), an in-house entity geared towards research and development of new technologies, the firm receives six times the amount in savings or earnings.

The Villavicencio Chamber of Commerce (CCV) will create a mechanism to resolve payment disputes between local suppliers and Ecopetrol contractors and monitor payments from the oil producer to its direct contractors.

Ecopetrol has signed a memorandum of understanding (MOU) to form an alliance with Quadrise Fuels International (QFI) and use MSAR technology for processing heavy fuel oil.