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Ecopetrol Sells 50 Share in Offshore International Group

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Colombias majority stateowned oil company Ecopetrol has sold its 50 stake in Offshore International Group OIG via a share purchase agreement with a subsidiary of De Jong Capital LLC, it said on Tuesday.

The divestment follows a successful bidding process carried out by Ecopetrol and its partner Korea National Oil Corporation with a number of offers being made, the company said in a statement.

Following the purchase, De Jong Capital LLC will hold 100 of OIGs share capital, Ecopetrol said. OIG is the parent company of Savia Peru, as well as a number of other companies in Peru and the United States.

The value of the deal was not disclosed.

The transaction forms part of Ecopetrols plan for divesting nonstrategic assets and follows the companys priorities of strict capital discipline, protection of cash, cost efficiency, and profitable growth, it said.

Reporting by Oliver Griffin; Editing by Shri Navaratnam

Source Reuters

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