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Colombia is poised to further increase its already-substantial market share in South America, outpacing every country except for Brazil.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

Pacific Exploration has finalized its restructuring plan and is planning to invest $375 million USD this year to increase its production from the lows seen in the fourth quarter last year.

The Florence-based pharmaceutical firm formally inaugurated its new office in Bogotá on March 9 at the Italian Embassy.

Fitch noted Colombia improving macroeconomic imbalances, current account deficit reduction, and falling inflation rate.

"I am deeply sorry and ask forgiveness from Colombians for this shameful act," said President Santos.

"The priority is that neither users nor companies suffer due to the energy supply," said President Santos.

Kaptar is an innovative project in Medellín that is "trying to take advantage of that economic potential" of waste material.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

"Signs for an improvement in credit metrics are slowly emerging for corporates across Latin America following a tough year during 2016," said Jay Djemal of Fitch Ratings.