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Colombia Ecopetrol Q1 earnings fall 29.9 pct

Wed May 13, 2009 10:57pm EDT

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BOGOTA, May 13 (Reuters) - Colombian state oil firm Ecopetrol's first-quarter net earnings fell 29.9 percent to $709 million as the global crisis battered crude oil prices, the company said on Wednesday.

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Ecopetrol ECO.CN(EC.N), which is 89.9 percent owned by the Colombian government and which is listed in New York and Bogota, reported sales were down 27.5 percent to $2.32 billion for the quarter compared with a year earlier.

The company said this week it could spend up to $10 billion to buy overseas assets over the next six years as part of its plans to expand internationally. (Reporting by Javier Mozzo, Editing by Ian Geoghegan)

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