Ecopetrol reports the sanction imposed by the ANLA in connection with the construction phase of the Andino project

BOGOTÁ, April 30, 2021 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”), informs that the National…

BOGOTÁ, April 30, 2021 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”), informs that the National Authority on Environmental Licensing (ANLA), through Resolution No. 754 of 2021, declared the Company responsible for carrying out works, during the construction phase of the hydrocarbon transportation system of the Poliducto Andino project, that would not have been covered by the environmental management plan.

Ecopetrol Logo.

Therefore, the ANLA decided to impose on Ecopetrol a fine of COP$ 1,308,670,854. The sanction does not constitute a final decision within the framework of the administrative sanctioning process. The Company can appeal this decision, and will make the appropriate filing within the required legal timeframe.

Ecopetrol is Colombia’s largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country’s production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country’s oil-pipeline and polyduct network and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol’s growth prospects. All are projections, and therefore are based solely on management’s expectations of the company’s future and its continuous access to capital to finance its sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, the performance of the Colombian economy and industry, and other factors; therefore, they are subject to change without prior notice.

For further details, please contact:

Head of Capital Markets

Tatiana Uribe Benninghoff

Phone: +571-234-5190

Email: investors@ecopetrol.com.co

Media Engagement (Colombia)

Jorge Mauricio Tellez

Phone: + 571-234-4329

Email: mauricio.tellez@ecopetrol.com.co

 

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SOURCE Ecopetrol S.A.