Ecopetrol signs $1 bln credit with local banks

BOGOTA, May 26 (Reuters) - Colombia's state oil company Ecopetrol ECO.CN(EC.N) said on Tuesday it had signed up for a seven-year, nearly $1 billion credit with a group of local banks as part of its investment plans.

The company said earlier this month it could seek up to $3.7 billion in debt this year, including issuing debt on the international market and is also studying other credits.

Ecopetrol, which is 89.9 percent owned by the Colombian state and listed on the New York and Bogota markets, plans to invest $6.2 billion in 2009 and is looking to spend up to $10 billion to purchase overseas assets in the next six years as it expands its international operations.

(Reporting by Javier Mozzo in Bogota; Editing by David Gregorio)