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BOGOTA, March 3 (Reuters) - Colombia's state-controlled oil company Ecopetrol will propose distributing 70 percent of its 2014 net profit of 7.5 trillion pesos ($3 billion) as an ordinary dividend at its upcoming shareholder meeting, the company said on Tuesday.
The size of Ecopetrol's dividend payouts has a direct impact on the Andean nation's public finances since the government owns 88.5 percent of shares in the company, entitling it to the majority of cash paid to shareholders.
The proposed dividend would total 133 pesos ($0.05) per share, the company said in a regulatory filing. Ecopetrol's Bogota-traded shares fell 5.5 percent on Tuesday after it posted a 43 percent dive in 2014 profits versus the previous year.
Ecopetrol has scheduled the shareholder meeting for March 26.
$1 = 2,553.4000 Colombian pesos Reporting by Peter Murphy; Editing by Dan Grebler