Ricardo Roa: [Interpreted] Thank you very much, Ricardo, for your questions. The first question is in the sense as David said and as I presented in the last question related to the incorporation or the role of ecopetrol in the production of clean energies from sun or wind and geothermics. This is already part of the strategy that we announced to the market a few months ago. There are no plans associated to this that could be new or that could have more expectations to those that have been already placed in non-conventional energies. Always in the line of allowing the capacity of ecopetrol to cover its own demand and also in the line of being able to develop this potential of resources of nature in eolic and sun projects in Guajira as an important resource, cost-efficient resource in the expectations of ecopetrol to be a large producer of hydrogen in low emissions in its own refineries for self-consumption and what we determined in the roadmap for 2024 in the world context for an expert.
This is part of what we have studied already and the expectation of CAPEX of each project are specific. We could for example have a participation with some ally in this generation project. We could also develop them ourselves but we also have the possibility to have contracts for long-term energy that wouldn’t ask additional CAPEX. This is something we’re going to be looking into and deciding the investments associated to this important issue of the economy in the new roadmap of the energetic transition that we have established. For the second question I will give the floor to Alberto so that he can give details on the repercussions that could have an eventual critical condition of the El Niño phenomenon that has been evaluated. We have heard it’s going to be a moderate situation that could have the worst period for the effects of hydrological and energetic products by the end of next year.
Alberto Consuegra: [Interpreted] Thank you Ricardo. Yes this impact in the virements we would only see them at the beginning of next year in the months that go from January to March. For the guidance for the next year we have to be very prudent and careful. We have investment and availability for resources for FEDPEX to be able to establish which is going to be this range of production but the vice president has already told us that we have to try to maintain at least the same production level of 2023. So for now this is the information that we should work with and we expect to have these conversations at level of board of directors and have something that we could communicate to the market. Thank you very much.
Operator: Thank you. Next question comes from Alejandra Andrade in JP Morgan. Miss Andrade you can ask your question.
Alejandra Andrade: [Interpreted] Hello thank you for taking my questions. I have two questions. First, I would like to ask if you could explain a bit better the work capital that impacted the cash flow this year on the first quarter?
Operator: Yes. Please select the interpretation mode so that we can hear you.
Alejandra Andrade: [Interpreted] Can you hear me? Thank you very much. So I have two questions. First one is several work capital for the quarter that impacted cash flow. If you could give us more details on what happened? And the second one is for the refinancing exercises that you are carrying out this year and for next year and that level of Ecopetrol. Do you have a syndicated loan and have you been able to extend this loan and you have a short term debt? I would like to understand what was refinanced what has to be done still and which are the exercises that you are performing in this sense? Thank you very much.
Ricardo Roa: [Interpreted] Thank you Alejandra for these questions. About these I give the floor to Milena Lopez our CFO.
Milena Lopez: [Interpreted] Thank you Ricardo. Thank you Alejandra. First thing the working capital when we have a change with about COP 8.9 billion from which the first component is the net of the move for FEBEC movement which is around COP 2.8 billion and the largest one is the rent for 0.4, 0.5 billion which affected working capital and the third is the change in stock. We have about 5 million barrels that affect this figure as well. This is what the impact on the work capital. And for the second question the maturities for 2023 have been refinanced and been managed and this has been finished. We have the maturities for 2024 that we are working on. We have about 1800 billion dollars. This is a club deal. 1200 million dollars and the difference of the 600.
It is important to note that in January 2025 we have a bonus of 1500 million dollars. All of these we are refinancing it during next year and it’s important to mention that this credit is going to be refinanced especially with the same banks. We have been talking about this and we have presented all the documents from the Ministry of Finance and this is important to underline as well. Also and for the other question on the adjustment for oil prices I think we already answered this question. Thank you very much.
Unidentified Analyst: [Interpreted] Thank you very much. We do not have more questions, live questions so we will read from UBS. We have for the expectations of adjustment in the prices for oil and in future especially diesel since it has a gap with international prices and the larger participation in the FIPEG. And also a question as the year ends the attention is on the expectation of dividends. Do we have to expect something closer to the lower or higher ranges of the 40 to 60% with the tax income tax higher but the government using its part to compensate the EFP, IFP?
Ricardo Roa: [Interpreted] Thank you, Tasso, for the question. On the expectation for adjustments on the oil prices in what we have in this year and next year, Milena already presented what we talked about with the Ministry of Finance and this shows that in these deliberations with this platform that we have on the oil prices and diesel prices are going to continue advancing even if we do not have a bunch of figure on what these increases are going to be. The evaluations of the finance ministry tell us that there is going to be a deliberation of this price of diesel. We are going to continue with the restriction to apply and get to an equal price in the price for oil for the final consumer. We have indicated which are the numbers with which we would negotiate and that Ecopetrol would have from this policy articulated by the national government for the liberation of subsidy oil prices with the oil and diesel for the stabilization of prices.
With the expectation of dividends I give the work floor to Milena so that she can tell us what is being observed in the Ministry of Finance in the medium term figures and the declaration of a possible approval and distribution of dividends next year. Thank you for your question. I’m going to divide the answer in two, the first component giving clarity on what is for this year and then the expectations for next year. In order to finish the FIPEG payments from here to December 31st there is a possibility of an extraordinary dividend to pay this 0.9 billion missing for this year. We are going to receive this amount in and so there will be no extraordinary dividends this year. So, the policy of dividends we have a policy for a pay up between 40% and 60% and in extraordinary circumstances we have given higher pay ups.
