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 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 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
Source: Reuters