Ecopetrol, Colombia's oil company, invests in higher oil prices and Venezuela deals

It said that if oil prices continue to rise due to the 'U.S./Israeli war against Iran,' it will review its investment plans in April.

Ecopetrol has predicted that it will invest a higher amount than its range of 22 to 27 trillion pesos ($5.79-7.11billion) due to higher crude prices resulting from the conflict.

Ecopetrol CEO Ricardo Roa stated in a phone call that he has again asked the U.S. Treasury Department’s Office of Foreign Assets Control to lift restrictions regarding negotiations with Venezuela as it sees potential for deals.

Roa suggested that Venezuelan light crude oil or other products could be exchanged for the resources.

Washington has taken control of Venezuelan oil after it captured President Nicolas Maduro during an attack on the capital on January 3.

Ecopetrol’s Chief Financial Office Camilo Barco said that if the company sees opportunities for growth inorganically, such as acquisitions or assets purchased, it may have to take on additional debt.

In the investor call, Barco told investors that this would always be done "under the premise of maintaining a controlled lever ratio".

Ecopetrol announced that it would distribute a?dividend of 110 pesos for each share on March 27. This is equivalent to 50% of the?profit of last year.

Early trading saw shares rise over 7% to 2,340 pesos, while its ADRs in New York also increased close to 7%.

(source: Reuters)