Colombia's Ecopetrol receives authorization to issue up to $3 billion

By Tali David

Minneapolis, Aug. 8 - Ecopetrol SA has obtained authorization from the Ministry of Finance and Public Credit to arrange for debt issues in international capital markets in an amount of up to $3 billion, according to a filing with the Securities and Exchange Commission.

The company said it obtained the authorization to make available different debt alternatives to finance its long-term investment plan.

The authorization does not constitute an issuance of securities or a financing operation, the filing said. Ecopetrol still needs approval from its board of directors before it carries out any debt issue.

Ecopetrol is a Bogota, Colombia-based energy firm.

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