Ecopetrol ‘to be placed in holding

ecopetrol_privatizacion_isagen_colombia_139337537024 November 2015, News Wires – Colombia will reportedly create a holding company of state-owned businesses, including oil company Ecopetrol, in a bid to increase transparency and as a step towards membership in the Organisation for Economic Co-operation & Development, President Juan Manuel Santos said on Monday.

As the first phase of the plan, cabinet ministers will cease to serve on the boards of Ecopetrol and electricity companies Isagen and ISA, three of 111 businesses which belong to the state, Reuters reported.

“Eventually all state companies will enter the holding, which will separate from the finance ministry and be autonomous, so state companies can be run with more transparency and the most efficiency possible,” Santos said in a speech quoted by the news wire.

The holding company will be run by an independent board, he said.


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