Colombian state-controlled oil company Ecopetrol S.A. announced today that it is planning to launch a new marketing arm that will be called Sociedad Ecopetrol Energía S.A.S. E.S.P.
The Bogotá-based venture was approved today by the firm’s board of directors and will be “directly and indirectly wholly owned by Ecopetrol,” said the company in a statement. It added that the company’s “authorized share capital” will be 3 billion pesos.
In laying out the full extent of its objectives, Ecopetrol added that the main purpose of the new subsidiary “will be energy generation, conversion and marketing, as well as providing services related, connected, or complementary to electricity generation, conversion, and marketing for the Ecopetrol Business Group and third parties.”
Before formally establishing the new marketing subsidiary, Ecopetrol will need to get government approval.