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Economy & Business - April 2011 (ISSN 1741-7430)

OIL: Colombia's oil company becomes a player

Ecopetrol, Colombia's state-owned oil company, and the largest company in the country, has like the country itself been rated investment grade (BBB-) by a US-based ratings agency, Standard & Poor's (S&P). The government wanted to take advantage of this upgrade by selling off more of the company's equity, but the constitutional court (CC) issued a ruling declaring void the presidential decree which called for the sale of another 10% of the government's stake in Ecopetrol.

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