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Cardona Delgado is a mechanical engineer by trade who served as Colombia’s national energy director from 2012 to 2013.

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

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

Colombian Minister of Finance Mauricio Cardenas will sit on three of the four committees.

Moody's said its decision was based on having "insufficient or otherwise inadequate information to support the maintenance of the rating."

Bioenergy, operating from its El Alcaraván plant in the department of Meta, is currently storing its ethanol as it ramps up toward its target production goal.

The 40-year industry veteran will be based in Bogotá once he officially takes over the position on February 20.

The funding calls for CAF to develop the project jointly with German development bank KfW.

Output at this historic site peaked at 60,000 barrels per day in 1939 but that number fell to a mere 5,000 by 2003.

One sector Fitch sees having a tough year ahead is telecom, due to the pressure on credit profiles from low profits and free cash flow.