Ecopetrol to Liquidate Two European Subsidiaries in Spain and Germany

Ecopetrol S.A. is planning to liquidate two foreign subsidiaries after authorization from the state-controlled oil company’s board of directors.

The Bogotá-based firm is now expected to liquidate both Ecopetrol Global Capital S.L.U., a wholly owned subsidiary in the Spanish capital Madrid, and its Frankfurt, Germany-based ECP Oil and Gas Germany, which was a part of Ecopetrol Global Energy S.L.U.

In a statement, Ecopetrol said that the Spanish firm “is currently inactive and is no longer needed by the business group.”

The company added that “the liquidation will be finalized after completing the process of canceling the registration of that company’s branch in Angola, as it has already completed the process of withdrawing from exploratory blocks 38/11 and 39/11 in that country.”