
BOGOTA, Colombia, January 16, 2025 — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that Refinería de Cartagena S.A.S. (“Reficar”) received a ruling from the Southern District of New York court:
The court rejected Chicago Bridge & Iron Company N.V., CB&I UK Limited’s motion to overturn the arbitration award issued June 2, 2023 (previously reported June 7, 2023) concerning the EPC contract between Reficar and CB&I for the refinery expansion in Cartagena. This resolves the disputes between Reficar and Chicago Bridge & Iron Company N.V., CB&I UK Limited and CBI Colombiana S.A. (collectively “CB&I”).
Therefore, the arbitration award stands in its entirety.
This court decision, along with the March 21, 2024 ruling from a Netherlands court approving Chicago Bridge & Iron Company N.V.’s alternative financial restructuring plan, concludes a lengthy legal process for Reficar, successfully protecting its interests and those of its shareholders, including the Republic of Colombia.
Ecopetrol is Colombia’s largest company and a leading integrated energy company in the Americas, employing over 19,000 people. In Colombia, it accounts for over 60% of hydrocarbon production, most transportation, logistics, and hydrocarbon refining, and holds leading positions in petrochemicals and gas distribution. Its 51.4% stake in ISA involves energy transmission, real-time systems management (XM), and the Barranquilla–Cartagena highway concession. Internationally, Ecopetrol has interests in key American basins, with drilling and exploration in the United States (Permian Basin and Gulf of Mexico), Brazil, and Mexico. Through ISA and its subsidiaries, Ecopetrol leads in power transmission in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
This release includes forward-looking statements under Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These statements, whether in this release, future filings, press releases, or orally, involve risks and uncertainties, including growth prospects and continued access to capital. Factors that could significantly impact actual results include oil & gas market prices, exploration and production activities, market conditions, regulations, exchange rates, the Company’s competitiveness, and the performance of Colombia’s economy and industry. We do not undertake to update these forward-looking statements.
For more information, please contact:
Head of Capital Markets
Carolina Tovar Aragón
Email:
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email:
SOURCE Ecopetrol S.A.
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