| Work Detail |
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that, Refinería de Cartagena S.A.S. (Reficar) was notified of the decision issued by the Court of the Southern District of New York, by which: It denies the request presented by Chicago Bridge & Iron Company N.V., CB&I UK Limited to vacate the arbitration award dated June 2, 2023, reported herein on June 7, 2023, in relation to the EPC Contract (Engineering, Procurement, and Construction Contract) executed between Reficar and CB&I for the expansion and modernization of the refinery located in the city of Cartagena, accordingly resolving the disputes between Reficar and Chicago Bridge & Iron Company N.V., CB&I UK Limited and CBI Colombiana S.A. (collectively CB&I). Consequently, the arbitration award in question is confirmed in its entirety.With this judicial decision and the previous decision of the Court of the Netherlands dated on March 21, 2024, regarding the approval of the alternative financial restructuring plan of Chicago Bridge & Iron Company N.V., Reficar ends a long legal process through which it was able to defend its own interests and those of its direct and indirect shareholders, including the Republic of Colombia. |
