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LATIN AMERICA |
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Colombia
Ecopetrol, Subsidiaries To Invest us$8.48
Billion In 2010
By Inti Landauro and Matthew Bristow, Dow
Jones Newswires
BOGOTA (Dow Jones) - Colombia's
state-controlled oil company Ecopetrol SA
(EC, ECOPETROL.BO) will invest us$8.48
billion in its different operations in
Colombia, Brazil, Peru and the U.S. in 2010,
Chief Executive Javier Gutierrez said at a
press conference Friday.
Ecopetrol will invest us$6.93 billion in its
own operations and will invest the rest in
its other units.
Ecopetrol plans to borrow us$3.5 billion to
finance its investment plans mainly from
local and international bonds and also from
commercial banks and foreign export
agencies, Gutierrez said.
The company may spend more if opportunities
to buy other existing companies show up.
Ecopetrol doesn't plan to raise new equity
in 2010, Gutierrez said, though if the
company decides to swallow another one it
may decide to sell the 9.9% stake it is
allowed to do.
As a result of its investment plans,
Ecopetrol will boost it total output from
its own operations and from its units in
Colombia and in other countries to a total
of 600,000 barrels of oil equivalent a day.
Gutierrez said the company's total revenue
in 2010 will be around 26 trillion Colombian
pesos (us$13 billion).
He said the company has calculated its
budget with the assumed average price of WTI
oil barrel of $55.67.
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