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18 Sep 2008

Amazon Watch

Investors Urged not to Buy Ecopetrol Shares on NYSE over Human Rights Concerns

Investors were urged today not to buy Ecopetrol shares, expected to be listed on the New York Stock Exchange on Thursday, over concerns about the Colombian state-oil company's inadequate commitment to corporate social responsibility and mishandling of controversial projects within indigenous reserves exposes the company and its investors to significant financial and reputational risks. The call came in a letter from environmental group Amazon Watch to a number of industry analysts and as well as to JP Morgan...Amazon Watch reports that Ecopetrol is already carrying out exploratory drilling on U’wa land...despite strong opposition from the community...Andrew Miller, Amazon Watch Colombia campaigner [said:] “JP Morgan would appear to be breaching its own company standards as well as the Equator Principles, of which it is a signatory, by underwriting these shares.” [The Business & Human Rights Resource Centre invited Ecopetrol to respond to the article, but the company declined to respond]