Nigeria Grants Patents to Ecopetrol
BOGOTA, April 9 /PRNewswire-FirstCall/ -- The government of Nigeria has granted two invention patents to Ecopetrol (BVC: ECOPETROL, NYSE: EC, BVL: EC) for the development of tools and equipment to reduce oil theft in hydrocarbon transportation lines, adding up to 25 patents for the company, 19 of which are still in effect.
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The first patent corresponds to a "Tool for the secure removal of valves installed on fluid tubes". The second patent was granted for the design of the "Dosage equipment and procedure for the stoppage of derivations in fluid transportation ducts based on such equipment."
These systems were implemented by Ecopetrol at the beginning of the 2000's with excellent results for the company, which went from registering 7,200 stolen barrels of fuel per day in its systems to approximately 300 barrels per day currently, in a strategy that combined technology, security and judicial procedures. Both patents will be valid for a 20-year period, during which no institution or government many use them without the due licenses granted by Ecopetrol.
These patents reinforce the technological advantages associated with the "Improvement in hydrocarbon transportation" program, lead by the Colombian Oil Institute for Ecopetrol. These tools are also being patented in Colombia, Mexico, United States, Ecuador, India and Russia.
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: +571-234-5190
Email: [email protected]
Media Relations (Colombia)
Mauricio Tellez
Phone: +571-2345377
Fax: +571-2344480
Email: [email protected]
Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.
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