Colombian Stocks: Ecopetrol, Pacific Rubiales Energy Corp.
The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 12:21 p.m. New York time.
The IGBC Index fell 1 percent to 13,818.57 while the Colcap Index dropped 0.7 percent to 1,646.87.
Ecopetrol SA (ECOPETL) , Colombia’s biggest oil company, fell 0.5 percent to 3,700 pesos. Colombia’s government plans to begin selling a stake in state-run oil company Ecopetrol SA next year, Finance Minister Juan Carlos Echeverry said yesterday.
Echeverry made the comments after submitting to Congress a proposal to sell as much as a 10 percent stake in the Bogota- based company. The government, which owns about 90 percent of Ecopetrol, had withdrawn an earlier proposal made this year for the sale. It previously planned to begin the sale at year-end.
Pacific Rubiales Energy Corp. (PREC) , the Toronto-based oil producer that operates fields in Colombia, fell 2 percent to 49,400 pesos. Energy and Mines Minister Carlos Rodado said July oil production would have reached 945,000 barrels per day if it weren’t for a two-day blockade by protesters that began July 18 at the Rubiales field operated by the company, Dinero reported on its daily website. Rodado said July production instead reached 929,226.
To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
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