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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.

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

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