The Colombian oil company will go into debt with Banco de Bogotá for US$ 154.9 million; Bank of the West, with US$ 50 million, and Banco Popular, with US$ 36 million.

Ecopetrol received authorization from the Colombian Ministry of Finance and Public Credit to contract a loan for US$ 241 million. According to the entity, the loan will be used for investment expenses.

The oil company will go into debt with Banco de Bogotá for US$ 154.9 million; Bank of the West, with US$ 50 million, and Banco Popular, with US$ 36 million.

According to Ecopetrol, the requested amount will be used for different investment expenses, along with the payment of existing commitments.

The term will be seven years, with a grace period of two years from the date of the first disbursement, the entity assured.

Payment of the loan will be made in ten equal installments every six months after an initial period of no payments. The interest on the loan will change according to the Reference Banking Indicator (IBR) rate, that is, the interest rate for borrowing, as had already been agreed with the banks.

According to Ecopetrol, the requested billion will be allocated to different investment expenses, along with the payment of existing commitments.

“The conditions obtained for this agreement ratify the support and confidence of the financial sector in the strategy of the Ecopetrol Group.”

It should be remembered that on March 16, 2023, Bancolombia also received authorization from the Ministry of Finance to request a loan with Bancolombia for US$ 241 million.

This loan had different conditions. In principle, with a term of five years, with amortization in a single installment after the fifth anniversary. Availability will be available until December 16, 2024.