LatAmOil: Ecopetrol comments on ISA bid
Colombia’s national oil company (NOC) Ecopetrol has defended its decision to submit a bid for a majority stake in Interconexion Electrica SA (ISA), the country’s electricity transmission system operator (TSO). According to Felipe Bayon, the company’s CEO, the TSO is a good investment, even though it falls outside Ecopetrol’s core business.
Bayon has also denied speculation that Ecopetrol is under pressure from Bogota to complete the transaction. “If somebody tells me, ‘You are doing this because the government is asking me to do it,’ the answer is no,” he told Bloomberg in an interview last week. “I'm doing this because I'm convinced this is a good business.”