Ecopetrol Approves Additional Funding for the Modernization of its Cartagena Refinery

Ecopetrol Approves Additional Funding for the Modernization of its Cartagena 
Refinery 
BOGOTA, Colombia, May 9, 2013 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: 
EC; TSX: ECP) announces that its Board of Directors approved the allocation of 
an extra US$502 million for the modernization project of its Cartagena 
Refinery in 2013. 
The decision was made after the management team of Reficar asked for the 
additional funds based on an estimated budget of US$6,467 million. 
The modernization of the refinery is expected to make the refinery a strategic 
asset for the energy security of Colombia. The project is expected to bring 
benefits that should boost the development of the Colombian Caribbean Coast 
region and the local manufacturing sector. 
The modernization project is entering its final stage. The working pace 
doubled in 2013, compared to last year's, and the overall progress is at 80.7%. 
Ecopetrol is Colombia's largest integrated oil & gas company, where it 
accounts for 60% of total production. It is one of the top 40 oil companies in 
the world and the fourth largest oil company in Latin America. The Company is 
also involved in exploration and production activities in Brazil, Peru and the 
United States Gulf Coast, and owns the main refineries in Colombia, most of 
the network of oil and multiple purpose pipelines in the country, 
petrochemical plants, and is entering into the biofuels business. 
This release contains forward-looking statements relating to the prospects of 
the business, estimates for operating and financial results, and those related 
to growth prospects of Ecopetrol. These are merely projections and, as such, 
are based exclusively on the expectations of management concerning the future 
of the business and its continued access to capital to fund the Company's 
business plan. Such forward-looking statements depend, substantially, on 
changes in market conditions, government regulations, competitive pressures, 
the performance of the Colombian economy and the industry, among other 
factors; therefore, they are subject to change without prior notice. 
Website: www.ecopetrol.com.co 
(Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO ) 
Contact us for any additional information: Investor Relations, Alejandro 
Giraldo, +571-234-5190, investors@ecopetrol.com.co; Media Relations 
(Colombia), Mauricio Tellez, Phone: +571-2345377, Fax: +571-2344480, 
mtellez@ecopetrol.com.co 
http://www.ecopetrol.com.co 
http://photos.prnewswire.com/prnh/20090209/ARM001LOGO 
SOURCE: Ecopetrol S.A. 
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CO: Ecopetrol S.A.
NI: OIL UTI  
-0- May/10/2013 00:31 GMT
 
 
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