Ecopetrol Announces Approval of Preliminary Financing Commitment on Behalf of the U.S. Export-Import Bank, Valued at U.S. $1 Billion

BOGOTA, Jan. 19 /PRNewswire-FirstCall/ -- Ecopetrol S.A. today announced that the U.S. Export-Import Bank (U.S. Eximbank) issued a Preliminary Commitment letter for the financing of American goods and services to be used in exploration and development activities, as well as improvement and expansion of existing facilities, up to a value of $1 billion.

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This preliminary approval is the first step toward obtaining final approval (Final Commitment), once Ecopetrol fulfills all requirements typical of this type of transaction. Financial terms have not yet been established.

The announcement is excellent news for the company and confirms the confidence of the international financial community in Ecopetrol S.A.'s strategic investment plan.

Additionally, a similar commitment by the U.S. Eximbank is also expected in connection with the expansion project of the Cartagena Refinery, owned by Reficar S.A., and a subsidiary of Ecopetrol S.A.

Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.

Contact us for any additional information: Investor Relations Alejandro Giraldo Phone: [phone] Email: [e-mail] Media Relations (Colombia) Mauricio Tellez Phone: [phone] Fax: [phone] Email: [e-mail] Website: http://www.ecopetrol.com.co/

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Ecopetrol S.A.

CONTACT: Ecopetrol Investor Relations, Alejandro Giraldo,
+011-571-234-5190, [e-mail], or Media Relations in Colombia,
Mauricio Tellez, +011-571-2345377, Fax: [phone],
[e-mail]

Web site: http://www.ecopetrol.com.co/