Colombia's Ecopetrol to tap US$250mn loan
Colombian state-run oil company Ecopetrol has received government approval to secure an external loan of up to US$250mn to meet debt repayment obligations.
The operation with Sumitomo Mitsui Banking Corporation has a five-year term with a variable interest rate agreed by both parties, Ecopetrol said in a securities filing.
"The funds obtained from this loan will be allocated to non-investment expenses, including the repayment of financial obligations due in 2026," the filing said.
The agreement comes two months after Ecopetrol secured a 1tn peso (US$247mn) loan from local banks Banco de Bogotá and Banco de Occidente.
Funds from that operation will also be used for existing financial commitments, according to the Bogotá-based firm.
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