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Ecopetrol’s board has approved a temporary leave for Ricardo Roa, keeping him out of office until Colombia’s presidential elections wrap up at the end of June.

Ecopetrol refinances $1.25 billion USD in debt and secures a $1.6 trillion COP subsidy payment from the Colombian government.

Ecopetrol faces a $30 billion USD debt and a looming national strike as the labor union demands the removal of President Ricardo Roa.

The oil and gas workers union called for the removal of Ecopetrol’s president following formal influence-peddling charges filed by Colombia’s Attorney.

Frontera executes $750 million USD divestment of Colombian E&P assets, pivoting to infrastructure focus and LNG regasification venture with Ecopetrol.

Ricardo Roa's appointment to head the state-controlled petroleum giant came after he managed Gustavo Petro's presidential campaign.

The charges come as Ecopetrol faces scrutiny over corporate governance and reporting of petroleum reserves.

Recent board changes consolidate the Petro administration's control of the Ecopetrol board of directors.

The confirmation of a permanent Chief Compliance Officer occurs during a period of heightened legal and political scrutiny for the company.

The loan from by the state controlled petroleum company from a Colombian private bank is roughly $180.3 million USD.