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Ecopetrol beats Petrobras as top Latin American firm

Thursday, May 17, 2012

Colombian national oil company Ecopetrol is now Latin America's biggest company by market value, passing Brazil's Petrobras.

The shift highlights recent foreign-exchange moves and investors' outlook for the two companies.

Colombia doesn't impose the same demands for locally produced goods and services in oil exploration and production as Brazil, which boosts costs and could slow down development, said Nathan Piper, oil analyst at RBC Capital Markets.

Source: Wall Street Journal