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Eye on Ecopetrol

Reficar has a new president

On November 22 Reyes Reinoso Yánez, a chemical engineer from Venezuela, took over as president (e) of the Cartagena refinery (Reficar). Reinoso took office after Orlando Cabrales Martínez quit for personal reasons.

Sunday, November 25th, 2012
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Ecopetrol and the National Army create a plan to help wounded soldiers

Ecopetrol and the National Army create a plan to help wounded soldiers

The Family Welfare Branch of the National Army (JEFAM) and Ecopetrol launched “Plan Padrino”. This plan seeks to provide support to soldiers wounded in pipeline areas in the following departments: Santander, Arauca, Magdalena, Nariño y Putumayo.

Saturday, November 24th, 2012
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Ecopetrol’s shares are the fourth most traded in the MILA

El Colombiano reports that last October (2012) Ecopetrol’s shares were the fourth most widely traded in the Integrated Latin American Market (MILA), which integrates the equity markets of Chile, Colombia and Peru. The total value of Ecopetrol shares traded during October was approximately US$445M. In Toronto, the stock closed the month up over US$1.50 although the day before the initial phase of the 2012 Round of auctions it had been up over US$4.00.

Saturday, November 24th, 2012
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Ecopetrol proposes Jorge Pinzón Sánchez for empty board seat

Federico Renjifo was an Ecopetrol board member before he was appointed Minister of Mines and Energy at the beginning of September. He is still a board member as MinMinas but that opened his existing seat to another candidate. Ecopetrol has called a special general assembly for December 6, 2012. So far the only agenda item is election of the missing board member and the company proposes Jorge Pinzón Sánchez of the law firm Opebsa.

Friday, November 23rd, 2012
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Ecopetrol maintains its crude oil production target for this year despite TransAndino attack

National business newspaper La Republica reported that Ecopetrol says that despite the attacks of 17 November to Transandino pipeline, management expects to meet its goal of producing around 780,000 bpd on average by the end of this year. Note that this figure is likely production before royalties (see our November Monthly Report). We estimate it is the equivalent of about 655,200 bpd as usually measured (Net of Working Interest and Royalties).

Wednesday, November 21st, 2012
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Twelve patents registered by Ecopetrol in 2012

The following is a list of the 12 patents that Ecopetrol has obtained so far in 2012. Seven of these patents have been granted in Colombia, two in Russia and 3 in Mexico:

Thursday, November 15th, 2012
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Ecopetrol meets the MILA standard of transparency

MILA (Integrated Latin American Market) is the alliance between the stock exchanges of Colombia, Peru and Chile. Of the 861 companies that are part of MILA (Integrated Latin American Market) Ecopetrol is the only Colombian company that reached the international standard for corporate transparency.

Wednesday, November 14th, 2012
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Ecopetrol reports US$521M investment in Barrancabermeja refinery

As reported by La República, Ecopetrol estimates that by the end of 2012 it will have invested CoP$951,000M at its refinery in Barrancabermeja (Santander). The investment has been earmarked for equipment replacement, maintenance and inspections. Thus Ecopetrol has ensured the operation of turbo generators, power lines, substations, boilers and other major operating systems within the refinery.

Wednesday, November 7th, 2012
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Equion finds gas off Cartagena in Colombia’s Caribbean Sea

Equion – a joint venture between Ecopetrol and Talisman – reports the presence of dry gas in the Mapale-1 well. From an Ecopetrol Press Release in English with commentary by Hydrocarbons Colombia.

Wednesday, November 7th, 2012
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