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Financial News: COLOMBIA: Minister Expects Next Government To Decide On

COLOMBIA: Minister Expects Next Government To Decide On Ecopetrol Stake

05/08/2018 - 19:11:00 (RTTNews)

(RTTNews) - The next government of Colombia should be the one responsible for deciding whether it would be necessary to cut the public sector stake in the state-owned oil company Ecopetrol, said Mauricio Cardenas, the Colombian Finance Minister, in an interview with the El Colombiano newspaper.

The Colombian government currently owns 88.49% of the oil company and has already received a green light from Congress to cut that stake to 80%.

"On Ecopetrol, I do not want to comment on whether the next government should do this or that, I must be respectful," said Cardenas.

"What I would say is that you have to follow the same principle as in the case of Isagen. You can not use that money to finance current expenses. The country can not sell assets to make room for spending."

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