Posse Herrera Ruiz assisted Petrobras International Braspetro BV Sucursal Colombia in the declaration of existence of an Offshore Free Trade Zone by the Colombian Ministry of Trade, Industry and Tourism for the exploration, technical evaluation and production of hydrocarbons.
Through Resolution 290, 2017, the Colombian Ministry of Trade, Industry and Tourism declared the existence of Petrobras International Braspetro BV Sucursal Colombia’s Offshore Free Trade Zone in the Colombian Caribbean Sea, which comprises one (1) contract subscribed with the Colombian Hydrocarbons Agency (in Spanish, Agencia Nacional de Hidrocarburos), covers an area of 1.300.434 Has with 2.141 m2 and has an initial validity that extends until June 25, 2046.
Within six (6) years following the declaration of existence of the Free Trade Zone, Petrobras International Braspetro BV Sucursal Colombia has committed to generate thirty (30) new direct and formal employments and to realize a new investment of seventy three million dollars (USD 73.000.000) corresponding to approximately two hundred eighteen billion one hundred twenty four million Colombian Pesos (COP 218.124.000.000)
Closing Date: February 28, 2017.
LEGAL ADVISORS
Counsel Petrobras International Braspetro
Posse Herrera Ruiz: Partners Juan Guillermo Ruiz, Álvaro José Rodríguez, Juan David Barbosa and Associate Felipe Solano.