04:53 AM EDT, 08/22/2024 (MT Newswires) -- Ecopetrol ( EC ) said late Wednesday it has received government authorization to enter a loan agreement, expected to be signed with Sumitomo Mitsui Banking Corp., for up to $250 million.

The loan is expected to have a term of five years with a variable interest rate.

The company said it plans to use the loan proceeds for non-investment expenses, including the repayment of commitments maturing in 2026.

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