From Earlier: Ecopetrol Announces Guarantee of International Financing Operation for Expansion and Modernization Project of Cartagena Refinery

Ecopetrol S.A.

has announced that on December 30, 2011, the financial closing for issuance of a contingent guarantee to its subsidiary Refineria de Cartagena S.A. - Reficar S.A. was concluded, which is part of the financing granted by a group of export credit agencies and commercial banks for the expansion and modernization project of the Cartagena Refinery. The financing structure is a Project Finance, and comes to US$3.5 billion, with a maximum repayment period of 14 years, counting from the end of the six-month period following the termination date of the project.