Petro Governance Weighs Ecopetrol asset Sale, Meets with Company Board
BOGOTÁ – Colombian President Gustavo Petro convened with Ecopetrol’s board of directors this week as the government considers a potential sale of the state-owned oil company’s stake in the Permian Basin, a prolific oil-producing region in the United States. the move, announced recently, has sparked debate within Colombia regarding the future direction of Ecopetrol and the nation’s energy policy.
The proposed divestment comes as Petro’s administration pursues a transition away from fossil fuels and towards renewable energy sources. Selling the Permian basin assets could generate notable capital for Ecopetrol, funds the government intends to reinvest in cleaner energy projects. however, the plan faces scrutiny from some sectors concerned about the potential loss of revenue and the impact on Ecopetrol’s overall financial performance.
Ecopetrol is scheduled to hold an Unusual Shareholders‘ Meeting on November 11th at Corferias in Bogotá, beginning at 8:00 AM, where modifications to the company’s bylaws will be presented.This meeting is anticipated to be a key forum for discussion surrounding the proposed sale and other strategic initiatives. The Contraloría General de la República, Colombia’s auditing office, has already requested data regarding the potential divestment, signaling increased oversight of the process.