Treasury pays FEPC debt with Class B T-Bills for 683.990 billion

The Ministry of Finance and Public Credit recognized and ordered the payment of 683,990,778,159.94 pesos charged to the Fuel Price Stabilization Fund (FEPC) in favor of Ecopetrol S.A. and the Cartagena Refinery S.A.S. - Reficar, through the issuance of Class B TES Treasury Bonds. The decision is contained in Resolution number 2225 of 2026, published in the Official Gazette No. 53,643 on September 30, 2026, along with Resolution number 2226 of 2026, which orders an equivalent operation with PRIMAX Colombia S.A.

The FEPC was created by article 69 of Law 1151 of 2007 as a fund account without legal personality, attached to and administered by the Ministry of Finance and Public Credit, with the function of mitigating the impact of international fuel price fluctuations on the domestic market. Article 71 of Law 2559 of 2025 empowered that ministry to meet the Fund’s obligations, including those incurred in previous fiscal years, through the issuance of bonds or other public debt securities, without this implying a budgetary operation and charged to the debt service only for its redemption and payment of interest.

The net positions for the third and fourth quarters of 2025 were liquidated by the Ministry of Mines and Energy through Resolutions numbers 01756, 01757, and 01758 of September 28, 2026, which set September 30, 2026, as the maximum payment date. The Treasury Committee of the Ministry of Finance and Public Credit unanimously approved the financial conditions of the issuance in a non-presential session on September 29, 2026 (Minutes number 2026-09), and the FEPC Steering Committee acknowledged receipt of the liquidation in its session on September 28, 2026, a decision adopted by consensus and without opposing votes or abstentions.

Recognition of FEPC obligations

Resolution number 2225 of 2026, signed by Minister Miguel Gómez Martínez, recognizes obligations for 683,990,778,159.94 current legal tender pesos, corresponding to the third and fourth quarters of 2025, with the following detail:

• Ecopetrol S.A.: 573,108,747,099.83 pesos.
• Cartagena Refinery S.A.S. - Reficar: 110,882,031,060.11 pesos.
• Total recognized: 683,990,778,159.94 pesos.

Payment is ordered through the issuance and delivery of Class B TES for an amount up to the recognized total. The securities will be issued and delivered to the account of the Central Securities Depository (DCV) of the Banco de la República identified with SK 6000000042 and Tax ID 899999068-1, in the name of Ecopetrol-Corto Plazo CP. If a balance remains pending due to rounding, it will be paid charged to the debt service of the General National Budget, in the accounts reported by Ecopetrol S.A., including savings account number 000520627 of Banco de Bogotá.

Terms and conditions of Class B TES

Article 3 of both resolutions sets the financial conditions of the securities:

• Denomination: Colombian pesos (COP), fixed rate.
• Form: order securities, freely negotiable, with negotiable interest coupons and listed on the Colombia Stock Exchange.
• Issuance and delivery date: September 30, 2026.
• Maturity: June 30, 2032; 7.00% coupon.
• Amortization: the principal will be paid on the maturity date.
• Yield rate: the current valuation rate of the business day prior to delivery, published by the Precia system.
• Nominal value: the result of dividing the settlement value of the obligation by the price of the securities, rounded to the nearest multiple of 100,000 pesos.

PRIMAX Colombia: mixed payment between securities and transfer

Resolution number 2226 of 2026 recognizes FEPC obligations in favor of PRIMAX Colombia S.A. for 18,433,181,854.08 pesos, also for the third and fourth quarters of 2025. The payment is materialized in two ways:

• Issuance and delivery of Class B TES for up to 13,227,873,895.81 pesos, in the DCV account of the Banco de la República with NIT 860002554-8.
• Transfer charged to the availability of FEPC resources, decapitalizing the FEPC-PE administration fund, for 5,205,307,958.27 pesos, transferred on September 30, 2026, to current account 12609723906 of Bancolombia.

The Director of Public Credit and National Treasury warned the FEPC Steering Committee that the resources available in the Fund’s cash were not sufficient to cover the total payment, therefore the balance is addressed through the issuance of securities. Both resolutions take effect from their publication in the Official Gazette, a requirement understood to be fulfilled by the order given by the Director General of Public Credit and National Treasury, pursuant to Article 18 of Law 185 of 1995.

The operation converts Fund obligations exceeding 702,000 million pesos between the two resolutions into public debt, with maturity in June 2032 and a 7.00% coupon, thereby increasing the balance of TES in circulation and transferring the financial cost of a subsidy, which until now was covered by the FEPC cash, to the national budget.

Source: Official Gazette of Colombia, No. 53.643, September 30, 2026, section I, pp. 8-9 (official reference: Resolution number 2225 of 2026 and Resolution number 2226 of 2026).