ARTICLE · 02 FEBRUARY 1998
Major Securitization Transactions In Colombia
Recently, two major financial transactions with securitization purposes were closed in Colombia by companies working in the areas of oil and gas, and aviation.
In the first place, Empresa Colombiana de Petroleos - Ecopetrol, the state owned oil and gas company in charge of the exploration and exploitation of oil and gas in Colombia, transfered and assigned for securitization purposes, the future production of oil under the Cusiana and Cupiagua oil fields (the "Fields"). The Fields represent one of the largest oil discoveries in the Western Hemisphere in recent years.
The transaction aims for Ecopetrol to pass the risk of production of oil to a foreign corporation which through its branch in Colombia, acts as the assignee (the "Assignee") of the rights to receive certain amounts of crude oil. Among the contracts involved in this complex transaction are an Assignment Agreement, and a Forward Oil Sale Agreement signed between the Assignee and another foreign corporation .
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