The Colombian government is seeking to sell a portion of its stake in state-controlled oil company, Ecopetrol, by the year end, The Wall Street Journal reports. The government plans to use the proceeds from sale to help pay for damage from the rains.

The sale will also help avoid an increase in deficit spending. The state controls around 90% of Ecopetrol, following a public offering for 10% of the company four years ago.

Click here for the story from The Wall Street Journal.