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Related parties | 12 Months Ended
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Dec. 31, 2023
Related parties |
Related parties | 30.Related parties Balances with associates and joint ventures as of December 31, 2023, and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Accounts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accounts | ​ | receivable | ​ | Other | ​ | Accounts | ​ | ​ | ​ | Other
​ |  | receivable |  | – Loans |  | assets |  | payable |  | Loans |  | liabilities
Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |
Equion Energía Limited |  | — |  | — |  | 84 |  | 6,327 |  | 683,949 |  | 423
Ecodiesel Colombia S.A. |  | 4,953 |  | — |  | — |  | 49,429 |  | — |  | —
Interligação Elétrica do Madeira S.A. | ​ | 35,100 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Garanhuns S.A. | ​ | 10,292 | ​ | 41 | ​ | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Paraguaçu S.A. | ​ | 11,366 | ​ | 25 | ​ | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Aimorés S.A. | ​ | 7,612 | ​ | 25 | ​ | — | ​ | — | ​ | — | ​ | —
Interligação Elétrica Ivaí S.A. | ​ | 18,316 | ​ | 1,097 | ​ | — | ​ | — | ​ | — | ​ | —
Transmissora Aliança de Energia Elétrica S.A. | ​ | 26,783 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Conexión Kimal Lo Aguirre S.A. | ​ | — | ​ | 143,236 | ​ | — | ​ | — | ​ | — | ​ | —
Associates |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Gas Natural del Oriente S.A. E.S.P. | ​ | — | ​ | — | ​ | — | ​ | 7,560 | ​ | — | ​ | —
Extrucol S.A. | ​ | — | ​ | — | ​ | — | ​ | 1,028 | ​ | — | ​ | —
E2 Energía Eficiente S.A. E.S.P. | ​ | 7,215 | ​ | — | ​ | — | ​ | 422 | ​ | — | ​ | —
Internexa Brasil Operadora de Telecomunicaciones | ​ | — | ​ | 235 | ​ | — | ​ | — | ​ | — | ​ | —
Balance as of December 31, 2023 |  | 121,637 |  | 144,659 |  | 84 |  | 64,766 |  | 683,949 |  | 423
Current |  | 121,637 |  | 1,421 |  | 84 |  | 64,766 |  | 683,949 |  | 423
Non–current |  | — |  | 143,238 |  | — |  | — |  | — |  | —
​ |  | 121,637 |  | 144,659 |  | 84 |  | 64,766 |  | 683,949 |  | 423
​ |  | (Note 7) |  | (Note 7) |  | (Note 11) |  | (Note 20) |  | (Note 19) |  |
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Accounts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accounts | ​ | receivable | ​ | Other | ​ | Accounts | ​ | ​ | ​ | Other
​ |  | receivable |  | – Loans |  | assets |  | payable |  | Loans |  | liabilities
Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |
Equion Energy Limited (1) |  | 127 |  | — |  | 1,087 |  | 2,004 |  | 815,056 |  | 2,698
Ecodiesel Colombia S.A. |  | 13,155 |  | — |  | — |  | 53,821 |  | — |  | 3
Interligação Elétrica do Madeira S.A. |  | 89,505 |  | — |  | — |  | — |  | — |  | —
Interligação Elétrica Garanhuns S.A. | ​ | — |  | 40 |  | — |  | — |  | — |  | —
Interligação Elétrica Ivaí S.A. | ​ | — |  | 182 |  | — |  | — |  | — |  | —
Derivex S.A. | ​ | — | ​ | 335 | ​ | — |  | — |  | — |  | —
Associates |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Gas Natural del Oriente S.A. E.S.P. | ​ | — | ​ | — | ​ | — | ​ | 7,048 | ​ | — | ​ | —
Extrucol S.A. | ​ | 2 | ​ | — | ​ | — | ​ | 854 | ​ | — | ​ | —
E2 Energía Eficiente S.A. E.S.P. |  | 7,397 | ​ | — | ​ | — | ​ | 4,152 | ​ | — | ​ | —
Balance as of December 31, 2022 |  | 110,186 |  | 557 |  | 1,087 |  | 67,879 |  | 815,056 |  | 2,701
Current |  | 110,186 |  | 222 |  | 1,087 |  | 67,879 |  | 815,056 |  | 2,701
Non–current |  | — |  | 335 |  | — |  | — |  | — |  | —
​ |  | 110,186 |  | 557 |  | 1,087 |  | 67,879 |  | 815,056 |  | 2,701
​ |  | (Note 7) |  | (Note 7) |  | (Note 11) |  | (Note 20) |  | (Note 19) |  |
Loans:
(1) | Resources deposited by Equion in Ecopetrol Capital AG.
The main transactions with related parties as of December 31 are detailed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | Sales and | ​ | Purchases | ​ | Sales and | ​ | Purchases | ​ | Sales and | ​ | Purchases
​ |  | services |  | and others |  | services |  | and others |  | services |  | and others
Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |
Equion Energy Limited |  | 731 |  | 2,578 |  | 33 |  | 23,845 |  | 13,996 |  | 149,046
Ecodiesel Colombia S.A. |  | 25,032 |  | 540,987 |  | 21,234 |  | 619,286 |  | 35,825 |  | 442,373
​ | ​ | 25,763 | ​ | 543,565 | ​ | 21,267 | ​ | 643,131 | ​ | 49,821 | ​ | 591,419
Associates |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Gas Natural del Oriente S.A. E.S.P. |  | — |  | 39,659 |  | — |  | 53,994 |  | — |  | 27,175
Extrucol S.A. | ​ | 16 | ​ | 4,591 | ​ | 20 | ​ | 3,411 | ​ | — | ​ | 2,354
E2 Energía Eficiente S.A. E.S.P. | ​ | 91,105 | ​ | 3,045 | ​ | 90,117 | ​ | 7,908 | ​ | 60,159 | ​ | 6,976
​ |  | 91,121 |  | 47,295 |  | 90,137 |  | 65,313 |  | 60,159 |  | 36,505
​ | ​ | 116,884 |  | 590,860 |  | 111,404 |  | 708,444 |  | 109,980 |  | 627,924
​ 30.1 Directors and key management personnel In accordance with the approval given by the shareholders’ meeting in 2012, which was recorded in Minute No. 026, the directors’ fees for attending the meetings of the Board of Directors and / or the committees increase from four to six legal monthly minimum legal monthly salaries in force. On the other hand, in the General Shareholders’ Meeting of 2018, the amendment of the Corporate Bylaws that appears in Minute No. 036 was approved, by virtue of which, the fourth paragraph of article 23 was eliminated that made the differentiation between the fees for face-to-face and non-face-to-face meetings. The members of the Board of Directors do not have any kind of variable remuneration. The amount paid in 2023 for fees to members of the Board of Directors amounted to $4,983 (2022 - $3,582). The total compensation paid to Executive Officers and Senior Managers as of December 31, 2023, amounted to $35,906 (2022 – $27,359). Executive Officers and Senior Managers are not eligible to receive pension and retirement benefits. 30.2 Post–employment benefit plans The administration and management of resources for payment of Ecopetrol’s pension obligations are managed by autonomous pension funds (PAPs, by its acronym in Spanish) which serve as guarantee and payment sources. In 2008, Ecopetrol S.A. received the authorization to partially commute the value corresponding to monthly payments, bonds, and quotas, transferring said obligations and the money that support them to autonomous patrimonies of a pension nature, in accordance with the requirements of Decree 1833 of 2016. Since November 2016, the entities that manage the resources are: Fiduciaria Bancolombia, Fiduciaria de Occidente, and Consorcio Ecopetrol PACC (formed by Fiduciaria La Previsora, Fiduciaria Bancoldex, Fiduagraria, and Fiduciaria Central). These fiduciaries will manage the pension resources for a period of five years (2016-2021) and as compensation they receive remuneration with fixed and variable components, the latter being settled on the gross returns of the portfolios and charged to the managed resources. As of 2023, and after a rigorous selection and asset allocation process, the new trust companies that manage the funds related to the pension obligations are Fiduciaria BBVA, Fiduciaria Bogotá, and the Ecopetrol PACC 2022 Consortium, defined by Fiduprevisora, Fiducoldex, FiduAgraria, and Fiducentral.
30.3 | Government related parties
The Colombian Government controls Ecopetrol S.A. with a stock ownership of 88.49%. The most significant transactions with governmental entities are comprised as follows: (a) Purchase of oil from the National Hydrocarbons Agency – ANH The ANH, an entity which operates under the rules of the Ministry of Mines and Energy, has as objective to manage the oil and gas reserves and resources owned by the Colombian Nation. In accordance with the nature of the purchase and sale contract business, Ecopetrol purchases the crude oil from ANH that it receives from some producers in Colombia at prices set in accordance with an established formula, which reflects the sales prices, with adjustment to the quality of API gravity, sulfur content, transportation rates, to export ports or to the Barrancabermeja and/or Cartagena refineries. The purchase value of oil and gas from ANH is detailed in Note 25 - Cost of sales. (b) Refined Price Stabilization Fund The sale prices of regular gasoline and diesel are regulated by the National Government. In that way, there are differentials between the volume reported by the companies at the time of sale and the difference between the parity price and the reference price, the parity price being the one that corresponds to the daily prices of motor gasoline and diesel observed during the month. This differential can be for or against the producers. The value of this differential is detailed in Note 24 - Revenue from contracts with customers and in Note 7 - Trade and other receivables. (c) National Tax and Customs Direction Ecopetrol Business Group, just like any other company in Colombia, has tax obligations that it must comply with and does not have any other kind of association or commercial relationship with the National Tax and Customs Direction of Colombia. (d) Comptroller General of the Republic Ecopetrol Business Group, just like any other state entity in Colombia, is obliged to comply with the requirements set out by the Comptroller General of the Republic and make an annual payment to this entity on account of a maintenance fee. Ecopetrol Business Group does not have any other kind of association or commercial relationship with this entity.

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