Ecopetrol’s Legal Victory in New York Court Confirms Arbitration Award

Ecopetrol SA ( (EC) ) has issued an announcement.

Ecopetrol S.A. announced that the Court of the Southern District of New York has confirmed an arbitration award favoring Refinería de Cartagena S.A.S. against Chicago Bridge & Iron Company N.V. and its affiliates. This decision, following a similar ruling by the Court of the Netherlands in March 2024, concludes a lengthy legal process related to the EPC contract for refinery expansion in Cartagena, ensuring the protection of Reficar’s and its stakeholders’ interests.

More about Ecopetrol SA

Ecopetrol S.A. is the largest company in Colombia and a leading integrated energy company in the Americas, with a workforce exceeding 19,000 employees. It is responsible for over 60% of Colombia’s hydrocarbon production and holds significant positions in transportation, logistics, hydrocarbon refining, petrochemicals, and gas distribution. Internationally, it is involved in energy transmission, road concessions, and telecommunications across countries like Brazil, Chile, Peru, and Bolivia.

YTD Price Performance: 4.99%

Average Trading Volume: 2,494,791

Technical Sentiment Consensus Rating: Hold

Current Market Cap: $17.71B

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