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Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."

The two state oil companies have already partnered to look for resources off the coast of Mexico.

The notes are being issued to refinance the Medellín utility's $1.0 billion USD syndicated club deal loan due in 2020.

The Frontera chairman called the move a “very strategic acquisition” that will support the firm’s push to reduce transportation costs.

Researchers were able to find the “optimal operating parameters” and the rate of air injection that simulate the emulsions recorded at industrial level.

"We are very pleased with the arrival in Mexico, a new milestone in the history of Ecopetrol," said company president Felipe Bayón Pardo.

Ecopetrol said that it “rejects these illegal actions” that endanger people, damage the environment, and harm neighboring communities.

"Ecopetrol emphatically rejects these illegal actions," said the oil company.

The company said that its Spanish subsidiary “is currently inactive and is no longer needed by the business group.”

After receiving approval from Mexican authorities, Ecopetrol has formally launched ECP Hidrocarburos México S.A. de C.V.