US Markets

Ecopetrol sells 50% share in Offshore International Group

Colombia's majority state-owned 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.

BOGOTA, Jan 19 (Reuters) - Colombia's majority state-owned 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 ECO.CN and its partner Korea National Oil Corporation KOILC.UL with a number of offers being made, the company said in a statement.

Following the purchase, De Jong Capital LLC will hold 100% of OIG's 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 Ecopetrol's plan for divesting non-strategic assets and follows the company's priorities of strict capital discipline, protection of cash, cost efficiency, and profitable growth, it said.

(Reporting by Oliver Griffin Editing by Shri Navaratnam)

((Oliver.Griffin@thomsonreuters.com; +57 304-583-8931;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest US Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More