Colombia’s largest integrated oil and gas company, Ecopetrol, has received board approval for a second-round of stock issuance, The Wall Street Journal reports. The move will lower the state’s stake in the company to 80%.

The government has already offloaded 10% of Ecopetrol to the public in a previous stock offering permitted under a 2006 privatization law, which allows it to sell a total of 20% to finance the company’s expansion projects. The sale proceeds will go towards government reconstruction efforts from 2010 rains.

Click here for the story from The Wall Street Journal.