Colombia To Sell 10% Of Ecopetrol To Finance $5.2 Billion Road Building.

BLOOMBERG/
Colombia may sell as much as 10 percent of its stake in Ecopetrol SA, the nation’s biggest oil company, to fund 10 trillion pesos ($5.2 billion) of road spending. It is likely to sell the stake “gradually” between 2011 and 2014. Construction of roads in central and northern Colombia will create 43,000 jobs and boost the nation’s gross domestic product by as much as 1.8 percent.
“These works are a very big bet for the country’s competitiveness,” Finance Minister Oscar Ivan Zuluaga said. “They will significantly reduce logistical costs and raise the country’s productivity, helping develop the internal and external markets.” Colombia owns 90 percent of Ecopetrol.