Colombia Enters Talks With Ecopetrol for Sale of Power Giant ISA
- Finance Ministry and oil firm to enter exclusivity contract
- Ecopetrol made offer for government’s 51.4% stake in ISA
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Colombia will enter into negotiations with state oil company Ecopetrol SA for the sale of the government’s controlling stake in an electricity transmission utility, which is expected to fetch as much as $4 billion.
Officials in coming days will finalize an exclusivity contract with Ecopetrol under which the two sides will conduct due diligence and formulate the terms of the sale of the 51.4% of shares of Interconexion Electrica SA held by the government, Finance Minister Alberto Carrasquilla wrote in a letter to the company. The ministry provided a copy of the letter to media Saturday.