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5th Edition //
August 2005 |
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 ECOGAS:
Privatization of the Public gas transportation company |
The Government has announced that it will privatise ECOGAS
(Empresa Colombiana de Gas, the leading natural gas transportation
company of Colombia, owning (directly and indirectly)
approximately 70% of the gas pipeline network in Colombia
(3,609 Kms)
ECOGAS is 100% owned by the Government of Colombia, through
ECOPETROL (Empresa Colombiana de Petróleos). ECOPETROL
is a 100% state owned company, responsible for the exploration,
refining, transportation, storage, and distribution of
gas and oil and its derivatives in Colombia
Santander Investment Bank has been appointed to manage
the sale process.
The privatization process has already begun, approved
by the Government through Decree 1404 of May 5, 2005.
The structure of the sale is interesting due to the fact
that the Government has created a new company in which
Ecogas will transfer all the assets, contracts and rights.
It is in this company where the investor will buy shares.
The process has two phases: First Phase (two months) consisting in
the offer to the Sector Solidario (workers, unions, and
ex-workers of Ecogas, among others) and Second Phase in
the sale to a private investor.
Government estimates the process will end in the last
quarter of 2005.
For more information please refer to the privatizations
documents in www.bancosantander.com.co
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