April 29, 2020 / 8:56 PM / a month ago

Ecopetrol subsidiary to let Colombia oil producers cut pipeline costs for two months

BOGOTA, April 29 (Reuters) - Cenit, a subsidiary of Colombia’s majority state-owned oil company Ecopetrol, will allow oil producers in the Andean country to cut their transportation tariffs by 50% for two months, it said on Wednesday.

In the face of an oil price crash, Cenit will offer oil producers financing whereby they can cut their pipeline tariffs in May and June by 50% before paying the remaining 50% beginning in September, the company said in a statement. (Reporting by Oliver Griffin Editing by Chris Reese)

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