BOGOTA,
Colombia, Jan. 16, 2025 /PRNewswire/ -- Ecopetrol
S.A. (BVC: ECOPETROL; NYSE: EC) informs that, Refinería de
Cartagena S.A.S. ("Reficar") was notified of the decision issued by
the Court of the Southern District of New
York, by which:
It denies the request presented by Chicago Bridge & Iron
Company N.V., CB&I UK Limited to vacate the arbitration award
dated June 2, 2023, reported herein
on June 7, 2023, in relation to the
EPC Contract (Engineering, Procurement, and Construction Contract)
executed between Reficar and CB&I for the expansion and
modernization of the refinery located in the city of Cartagena, accordingly resolving the disputes
between Reficar and Chicago Bridge & Iron Company N.V.,
CB&I UK Limited and CBI Colombiana S.A. (collectively
"CB&I").
Consequently, the arbitration award in question is confirmed in
its entirety.
With this judicial decision and the previous decision of the
Court of the Netherlands dated on
March 21, 2024, regarding the
approval of the alternative financial restructuring plan of Chicago
Bridge & Iron Company N.V., Reficar ends a long legal process
through which it was able to defend its own interests and those of
its direct and indirect shareholders, including the Republic of
Colombia.
Ecopetrol is the largest company in Colombia and one of the main integrated energy
companies in the American continent, with more than 19,000
employees. In Colombia, it is
responsible for more than 60% of the hydrocarbon production of most
transportation, logistics, and hydrocarbon refining systems, and it
holds leading positions in the petrochemicals and gas distribution
segments. With the acquisition of 51.4% of ISA's shares, the
company participates in energy transmission, the management of
real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the
international level, Ecopetrol has a stake in strategic basins in
the American continent, with Drilling and Exploration operations in
the United States (Permian basin
and the Gulf of Mexico),
Brazil, and Mexico, and, through ISA and its subsidiaries,
Ecopetrol holds leading positions in the power transmission
business in Brazil, Chile, Peru,
and Bolivia, road concessions in Chile, and the telecommunications
sector.
This release contains statements that may be considered
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended. All
forward-looking statements, whether made in this release or in
future filings or press releases, or orally, address matters that
involve risks and uncertainties, including in respect of the
Company's prospects for growth and its ongoing access to capital to
fund the Company's business plan, among others. Consequently,
changes in the following factors, among others, could cause actual
results to differ materially from those included in the
forward-looking statements: market prices of oil & gas, our
exploration, and production activities, market conditions,
applicable regulations, the exchange rate, the Company's
competitiveness and the performance of Colombia's economy and industry, to mention a
few. We do not intend and do not assume any obligation to update
these forward-looking statements.
For more information, please contact:
Head of Capital Markets
Carolina Tovar Aragón
Email:
investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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SOURCE Ecopetrol S.A.