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Ecopetrol obtains authorisation for a $500mn loan with Banco Santander

Ecopetrol received approval from the Ministry of Finance to contract a $500mn loan with Banco Santander, intended to cover non-investment expenses under its 2025 financing plan.

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Ecopetrol S.A., the Colombian oil company listed on the New York Stock Exchange and the Colombian Stock Exchange, obtained authorisation from the Ministry of Finance and Public Credit (MHCP) to conclude a loan agreement for a maximum amount of USD500mn ($500mn). The approval was formalised through Resolution 0910 issued on April 25, 2025.

The company specified that the loan will be concluded with Banco Santander, S.A., for a term of five years. The principal repayment will be made in a single instalment at maturity, and interest will be calculated according to the Secured Overnight Financing Rate (SOFR).

Use of funds and legal framework

The funds from this loan will be used for non-investment expenses, in line with Ecopetrol’s 2025 financing plan and the MHCP Resolution. This approach also aims to meet the annual Gross Debt/EBITDA ratio target.

The loan agreement will be governed by the laws of the State of New York. Ecopetrol indicated that it complied with all required internal procedures to obtain authorisation, including the submission of contract documents for review by the Ministry of Finance.

Financial context and outlook

Ecopetrol highlighted that the financial conditions obtained reflect the support and confidence of the international banking sector in the Group’s strategy. The current market context is marked by financial and economic challenges, reinforcing the importance of securing financing conditions considered favourable.

The agreement is part of Ecopetrol’s ongoing efforts to ensure the stability of its financial structure while maintaining its operational commitments.

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