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Ecopetrol to Buy Petchem Producer Propilco

2:16 PM MST | December 26, 2007 | Michelle Bryner

State oil company Ecopetrol (Bogota) has agreed to purchase Propilco (Cartagena), the largest producer of polypropylene (PP) resins in Colombia, for about $690 million. The acquisition is part of Ecopetrol's five-year $12.5 billion expansion program. The company plans to invest $3.7 billion in 2008 in production and exploration. "This acquisition has an enormous strategic value for Ecopetrol in terms of exploiting synergies in exploration, production, refining and the rest of the petrochemical chain," Ecopetrol says. Until now, Propilco obtained 30% of...

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