Ecopetrol’s share on the rise, despite changes in the Presidency of the Board

Ecopetrol’s stock closed higher on October 28, 2022, with gains of 3.88%, that is, it ended at $2,410 on the Colombian Stock Exchange. The ADR (American Depositary Receipts), of the NYSE, also showed a positive variation of 2.6%.

(Ecopetrol: this is what the government says due to changes to the Board of Directors).

Friday’s session was marked by the change in the Presidency of the Board of Directors of the oil company. One day after the appointment of Carlos Gustavo Cano as president, it was revealed that he had left and in his place Saúl Kattan was appointed.

Kattan is one of the members who joined the team on Monday the 24th and whose appointment to the Board had been promoted by the national government itself (as in the case of Cano).

Despite this change, the shares of the Colombian oil company ended up. In fact, adding the days of Thursday and Friday, it rose 4.91% on the BVC.

(Who will be the new president of the Board of Directors of Ecopetrol?).

According to analysts, the markets reacted after the announcements made by the Government about “that new oil and gas contracts will be signed in Colombia during the Petro government.”

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