Ecopetrol offers to acquire ISA

The Colombian state-owned oil company Ecopetrol aims to distance itself from oil to increase its role in the energy transition, in Colombia and beyond. The oil company intends to acquire another state-owned company: ISA (Interconexión Eléctrica S.A.), which deals with the transmission of electricity in Colombia. According to Ecopetrol, “the resilience of the group would be reinforced by the possession of a large portion of predictable revenues over the long term, while reducing exposure to oil price volatility”. Ecopetrol added that the agreement would also be complementary to the company’s current sector of oil activity; it would offer greater geographical diversity to its business and would advance its decarbonisation strategy.