Ecopetrol (EC) will not have its assets frozen by Colombia's tax agency amid the ongoing $3 billion value-added tax or VAT dispute, Bloomberg reported Friday.

The company's finance chief Camilo Barco told investors that the tax agency has stated that it discards any asset freeze, according to the report.

Ecopetrol and its Cartagena refinery, which are being asked to pay at least 11.28 trillion pesos over a revised interpretation of VAT rate, said they are disputing the claims and see a greater than 50% chance of success, Bloomberg said.

Ecopetrol did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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