A Colombian court has blocked a presidential decree that authorized the government to sell up to 10% of state oil company, Ecopetrol, Financial Times reports. Colombia had planned to use the proceeds to help fund flood recovery and reconstruction efforts.
The constitutional court has ruled against the mechanism. Ecopetrol is selling a 9.9% stake for which it already has authorization. The company is 89.9% state-owned after a 2007 part-privatization.
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