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Colombia Looks Abroad to Sell Up to $3 Billion of Ecopetrol

Colombia will target international investors and sovereign wealth funds to raise as much as $3 billion this year from the sale of a stake in oil company Ecopetrol SA, said Mines and Energy Minister Mauricio Cardenas.

The government will sell as much as 3 percentage points of its 88.5 percent stake in Ecopetrol, pending congressional approval that is probable in the first half of the year, Cardenas said yesterday in an interview in Bogota.