Ecopetrol Reports On Establishment Of New Companies That Will Comprise Part Of The Ecopetrol Business Group

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”) reports that its Board of Directors has approved the establishment of the following companies for the purpose of continuing to execute the strategy of Ecopetrol Business Group for 2020:

  1. A Colombian company, 100% indirectly owned by Ecopetrol S.A. through Propilco S.A., to which the indirect participations that Ecopetrol S.A. currently has in Comai Ltda. and in Sociedad Portuaria de Oleofinas y Derivados will be transferred.
  2. A foreign company domiciled in Peru, 100% indirectly owned by Ecopetrol S.A., which will be directly affiliated with Propilco S.A. and will serve the Peruvian market directly.

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