BOGOTA, Colombia, January 16, 2025 /PRNewswire/ — Ecopetrol SA (BVC: ECOPETROL; NYSE: EC) informs that RefinerÃa de Cartagena SAS (“Reficar”) has been notified of the decision issued by Southern District Court of New Yorkwhereby:
He refuses the request he submitted Chicago Bridge & Iron Company NV, CB&I UK Limited set aside the arbitral award of June 2, 2023published here June 7, 2023in relation to the EPC contract (Engineering, Procurement and Construction Contract) entered into between Reficar and CB&I for the expansion and modernization of the refinery located in the city of Cartagena, accordingly resolving disputes between Reficar and Chicago Bridge & Iron Company NV, CB&I UK Limited and CBI Colombiana SA (collectively “CB&I”).
Accordingly, the arbitral award in question is confirmed in its entirety.
This court decision and the previous decision of Court of the Netherlands dated on March 21, 2024in connection with the approval of the alternative financial restructuring plan of Chicago Bridge & Iron Company NVReficar is completing a long legal process through which it managed to defend its own interests and the interests of its direct and indirect shareholders, including Republic of Colombia.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies on the American continent, with more than 19,000 employees. IN Colombiait is responsible for more than 60% of the hydrocarbon production of most hydrocarbon transportation, logistics and refining systems and holds leading positions in the petrochemical and gas distribution segments. By acquiring 51.4% of ISA’s shares, the company participates in energy transmission, real-time system management (XM), and Barranquilla – Cartagena concession for the coastal highway. At the international level, Ecopetrol has interests in strategic basins in the Americas, with drilling and exploration operations United States (Permian Basin i Gulf of Mexico), Braziland Mexicoand through ISA and its subsidiaries, Ecopetrol occupies a leading position in the business of electricity transmission in Brazil, Chile, Peruand Bolivia, road concessions in Chileand the telecommunications sector.
This press release contains statements that may be considered forward-looking statements within the meaning of Section 27A OUR Securities Act of 1933, as amended, and section 21E OUR Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or oral, relate to matters that involve risks and uncertainties, including with respect to the Company’s prospects for growth and its continued access to capital for financing of the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: oil and gas market prices, our exploration and production activities, market conditions, applicable regulations, exchange rates, the Company’s competitiveness and performance Colombia economy and industry, to name just a few. We have no intention and undertake no obligation to update these forward-looking statements.
For more information, contact:
Head of Capital Markets
Carolina Tovar Aragon
E-mail: investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)
Marcelo UlloE-mail: marcela.ulloa@ecopetrol.com.co
