Document:

Exhibit 4.6

 

		Master
    Crude Oil Service Contract  

    General Conditions	

 

MASTER
CRUDE OIL SERVICE CONTRACT

 

This contract (hereinafter the “Master
Service Contract”) for the transportation of Crude Oil, storage of Crude Oil, unloading of Crude Oil from tank trucks,
loading services for Crude Oil at Ports and loading of Crude Oil into tank trucks for ECOPETROL Crude Oil (term defined in Clause
34 of the General Conditions of this Master Service Contract), is signed this first (1st) day of April, 2013 (hereinafter
the “Date of Signature”), by and between,

 

		1.	ECOPETROL S.A., a mixed economy company linked to the Ministry of Mines and Energy,
                                                                   with its principal domicile in Bogota, Capital District,
                                                                   with Tax Identification Number 899.999.068-1, represented for
                                                                   the purpose of entering into this Master Service Contract by
                                                                   Javier Genaro Gutierrez Pemberthy, identified by the
                                                                   title below his signature, acting in his capacity as President,
                                                                   with authority to sign this Master Service Contract as provided
                                                                   for under the Bylaws for ECOPETROL S.A. (hereinafter, “ECOPETROL”);
                                                                   and

 

		2.	CENIT TRANSPORTE Y LOGÍSTICA
                                                                   DE HIDROCARBUROS S.A.S., a Colombian commercial corporation
                                                                   and type of simplified joint stock company, domiciled in Bogota,
                                                                   Capital District, organized by virtue of private document dated
                                                                   June fifteenth (15th), 2012, registered in the commercial
                                                                   registry on June fifteenth (15th), 2012, with commercial
                                                                   registration number 02224959, represented for the purpose of
                                                                   entering into this Master Service Contract by Camilo Marulanda
                                                                   López, identified by the title below his signature,
                                                                   authorized for such purposes by the Board of Directors as provided
                                                                   for under Meeting Minute No. eight (8) of February twenty-first
                                                                   (21st), 2013 (hereinafter “CENIT”).

 

Based on the foregoing conditions, ECOPETROL
and CENIT (together the “Parties” and, individually, a “Party” or the “Party”),
hereby affirm that they have entered into this Master Service Contract, taking into account the following

 

Recitals

 

		1.	ECOPETROL, pursuant to the provisions
                                                            of Article 4 of the Petroleum Code, engages in activities related
                                                            to the exploration, production, refining and transport of hydrocarbons,
                                                            which are characterized as public utilities.

 

		2.	ECOPETROL, prior to the Date of Signature,
                                                            had infrastructure, either owned or in concession, for the unloading,
                                                            transport, storage and export of Crude Oil.

 

		3.	ECOPETROL, likewise (i) subject to
                                                            available capacity for the assets referred to in the previous clause
                                                            and (ii) pursuant to authorizations under the law or current concession
                                                            contracts, had been prior to the Date of Signature providing unloading,
                                                            transportation, storage and loading services for Crude Oil for export
                                                            of hydrocarbons owned by third parties.

 

    	1

    	 

    

 

		4.	ECOPETROL individually constructed
                                                            and operated prior to the Date of Signature pipelines for private
                                                            use, which in accordance with the provisions of the Petroleum Code
                                                            and Resolution 18 1258 of 2010 of the Ministry of Mines and Energy,
                                                            and that it and its Affiliates (a term defined in Clause 34 of the
                                                            General Conditions of this Master Service Contract) utilized pursuant
                                                            to the provisions of Article 45 of the Petroleum Code.

 

		5.	ECOPETROL, individually, currently
                                                            has in concession and/or under a licensing regime, private service
                                                            port infrastructure, for exclusive use by it and its legal and financial
                                                            entities, as provided for under law.

 

		6.	By virtue of the authorization contained
                                                            in Decree 1320 of 2012, ECOPETROL formed the corporation CENIT as
                                                            a subsidiary of ECOPETROL, specialized in providing transportation,
                                                            storage and logistics services for hydrocarbons, derivatives, products
                                                            and related materials in Colombia or abroad.

 

		7.	ECOPETROL (i) as part of the formation
                                                            and effective start-up of CENIT and (ii) in its capacity as CENIT’s
                                                            sole partner, carried out through an Asset Contribution Contract (a
                                                            defined term in Section Clause 34 of the General Conditions of this
                                                            Master Service Contract) (a) the contribution of assets associated
                                                            with the transportation of Crude Oil owned by ECOPETROL (hereinafter
                                                            the “Assets”) and (b) committed to undertake the
                                                            processes aimed at the assignment of port concession contracts related
                                                            to the import and export of Crude Oil and its products to CENIT, under
                                                            the terms as determined and approved by the competent authority.

 

		8.	In accordance with the provisions
                                                            of ECOPETROL’s Procurement Manual, entering into of this Master
                                                            Service Contract is derived from a direct selection process based
                                                            on the following specific and special conditions of CENIT: (i) to
                                                            be the beneficiary of the transfer of the Assets, according to provisions
                                                            in the foregoing recitals and (ii) be the only provider of the Services
                                                            that are contemplated by this Master Service Contract, through Assets
                                                            contributed by ECOPETROL.

 

		9.	This Master Service Contract shall
                                                            establish the terms under which ECOPETROL will contract capacity for
                                                            the Assets, taking into account ECOPETROL’s status as a petroleum
                                                            exploration, production and refining company, pursuant to the provisions
                                                            of Article 45 of the Petroleum Code.

 

		10.	The Parties, through agreements separate
                                                             from this Master Service Contract, defined the terms and conditions
                                                             under which ECOPETROL committed to assign to CENIT the rights and
                                                             obligations in force as of the date of transfer of the Assets, particularly
                                                             with relation to services provided to third parties, bilateral agreements,
                                                             operating agreements and financial and social commitments associated
                                                             with them.

 

		11.	CENIT is in compliance with its obligations
                                                             concerning systems for health, professional risk, pension and contributions
                                                             to Family Compensation Funds, the Colombian Institute of Family Welfare
                                                             and the National Learning Service, with regard to all of its employees
                                                             in Colombia. To confirm this, it provided ECOPETROL with a certificate
                                                             attesting to the foregoing, issued by CENIT’s internal auditor.

 

    	2

    	 

    

 

		12.	CENIT is not listed in the Fiscal
                                                             Debtor Bulletin prepared by the Colombian National Comptroller’s
                                                             Office as an entity that has received a final tax liability decision
                                                             and failed to comply with the obligation therein.

 

Based on the foregoing recitals, the Parties
have agreed to enter into this Master Service Contract, which shall be subject to the following

 

General
Conditions

 

	Clause
    1	Interpretation

 

Section
1.01    Interpretation. All capitalized terms in this Master Service
Contract shall have the meaning indicated in Clause 34 of the General Conditions, or as expressly set forth herein. Definitions
shall apply to the General Conditions of the Master Service Contract, its Chapters and Chapter annexes, as well as to any supplementary
agreement signed, except where otherwise provided. The meanings set forth for defined terms in this Master Service Contract shall
be applicable both for singular and plural forms, and feminine, masculine or gender-neutral defined terms shall include all other
genders.

 

Section 1.02   Interpretation
Criteria. In the event there is a contradiction between the provisions contained in the General
Conditions of this Master Service Contract, its Chapters and annexes hereof, in accordance with the Service in question, the order
of prevalence regarding its interpretation shall be as follows: 

 

		(i)	Chapters
                                                                                                    excluding their annexes.

 

		(ii)	Clauses
                                                                                                     of the General Conditions
                                                                                                     of the Master Service Contract,
                                                                                                     excluding their annexes.
                                                                                                     

 

		(iii)	Annexes.

 

	Clause
    2	Purpose

 

Section 2.01   The
purpose of this Master Service Contract is to regulate the comprehensive provision of Services by CENIT to ECOPETROL, with respect
to ECOPETROL Crude Oil. CENIT shall provide Services with full technical, financial and administrative autonomy in exchange for
payment of Rates by ECOPETROL and in accordance with the Service provided.

 

Notwithstanding the provisions of this
Master Service Contract, the scope, terms and specific conditions for the provision of each of the contracted Services are regulated
in Chapters I, II, III, IV and V.

 

    	3

    	 

    

 

Section 2.02    In
order to ensure the comprehensive provision of Services contemplated in this Master Service Contract for ECOPETROL, CENIT may
utilize:

 

		(i)	The
                                                                                                      Assets listed in the descriptive
                                                                                                      annexes corresponding to
                                                                                                      each of the Chapters I,
                                                                                                      II, III, IV and V of this
                                                                                                      Master Service Contract,
                                                                                                      or

 

		(ii)	All
                                                                                                       additional or supplementary
                                                                                                       infrastructure that is
                                                                                                       developed and/or acquired
                                                                                                       and/or transferred and/or
                                                                                                       leased and/or that CENIT
                                                                                                       has available following
                                                                                                       the Date of Signature hereof,
                                                                                                       that is related to and/or
                                                                                                       incidental to the Assets
                                                                                                       referenced in (i) above
                                                                                                       and that is necessary or
                                                                                                       advisable to ensure the
                                                                                                       provision of the Services
                                                                                                       contemplated in this Master
                                                                                                       Service Contract. The Parties
                                                                                                       understand that the infrastructure
                                                                                                       referred to in this sub-paragraph
                                                                                                       shall not include the infrastructure
                                                                                                       referenced in Section 2.03
                                                                                                       of the General Conditions
                                                                                                       of this Master Service
                                                                                                       Contract.

 

Section 2.03    This
Master Service Contract may include the provision of Services regarding: 

 

		(i)	All
                                                                                                      infrastructure that following
                                                                                                      the conclusion of this Master
                                                                                                      Service Contract is acquired
                                                                                                      by and/or becomes available
                                                                                                      to CENIT, and that:

 

		(a)	Is
                                                                                                            not listed in the
                                                                                                            annexes for Chapters
                                                                                                            I, II, III, IV and
                                                                                                            V hereof, and, 

 

		(b)	Is
                                                                                                            not necessary or advisable
                                                                                                            to ensure the provision
                                                                                                            of the Services contemplated
                                                                                                            in this Master Service
                                                                                                            Contract. With respect
                                                                                                            to such infrastructure,
                                                                                                            CENIT is required
                                                                                                            to offer access to
                                                                                                            such infrastructure
                                                                                                            to ECOPETROL, in identical
                                                                                                            conditions as would
                                                                                                            be offered to any
                                                                                                            other CENIT client,
                                                                                                            except in the case
                                                                                                            of business transactions
                                                                                                            tailored to meet the
                                                                                                            particular requirements
                                                                                                            of a third party.

 

		(ii)	All
                                                                                                       infrastructure that following
                                                                                                       the conclusion of this
                                                                                                       Master Service Contract
                                                                                                       is assigned to CENIT in
                                                                                                       its capacity as concessionaire
                                                                                                       and that:

 

		(a)	Is
                                                                                                            not included in the
                                                                                                            annexes for Chapters
                                                                                                            I, II, III, IV and
                                                                                                            V hereof, and, 

 

		(b)	Is
                                                                                                            not necessary or advisable
                                                                                                            to ensure the provision
                                                                                                            of the Services contemplated
                                                                                                            in this Master Service
                                                                                                            Contract. With respect
                                                                                                            to this, CENIT is
                                                                                                            required to offer
                                                                                                            access to such infrastructure
                                                                                                            to ECOPETROL, in identical
                                                                                                            conditions as would
                                                                                                            be offered to any
                                                                                                            other CENIT client,
                                                                                                            except in the case
                                                                                                            of business transactions
                                                                                                            tailored to meet the
                                                                                                            particular requirements
                                                                                                            of a third party.
                                                                                                            

 

In
each specific instance, CENIT and ECOPETROL shall define the terms under which the respective services shall be included in this
Master Service Contract.

 

    	4

    	 

    

 

	Clause
    3	Capacity
    Contracted by ECOPETROL 

 

Section 3.01   For
the comprehensive provision of Services, CENIT is required to guarantee for ECOPETROL the capacity necessary to transport ECOPETROL
Crude Oil up to the Capacity Contracted by ECOPETROL. 

 

Section 3.02   Notwithstanding
the special considerations provided for in Chapters I, II, III, IV and V of this Master Service Contract, the Capacity Contracted
by ECOPETROL shall include the following modalities: (i) Firm Capacity and (ii) Additional Capacity. 

 

Section 3.03   Notwithstanding
the provisions in Sections 3.04, 3.05 and 3.07, CENIT warrants to ECOPETROL that for the effective term of the Master Service
Contract, it shall maintain availability of its Firm Capacity for each Asset at an amount that is no less than the figure resulting
from the following formula:

 

Minimum Firm Capacity Availability
= 0.9 x FC x (365 – S)

 

Where,

 

		·	FC
                                                                                                               is the Firm Capacity
                                                                                                               for each Asset;
                                                                                                               and

		·	S
                                                                                                               is the number of
                                                                                                               Days the applicable
                                                                                                               Service will be
                                                                                                               suspended due to
                                                                                                               a Justified Event.
                                                                                                               

 

Only during 2013, the Minimum Firm Capacity
Availability for each Asset shall be calculated using the following formula:

 

Minimum Firm Capacity
Availability = 0.9 x FC x (270 – S)

 

Section 3.04    Firm
Capacity.

 

		(i)	Upon
                                                                                                      signature of this Master
                                                                                                      Service Contract, ECOPETROL
                                                                                                      shall have a Firm Capacity
                                                                                                      for each of the Assets,
                                                                                                      as specified in the annexes
                                                                                                      to Chapters I, II, III,
                                                                                                      IV and V hereof. 

 

		(ii)	With
                                                                                                       respect to Firm Capacity:
                                                                                                       

 

		(a)	As
                                                                                                            specified in the annexes
                                                                                                            to Chapters I, II,
                                                                                                            III, IV and V hereof,
                                                                                                            ECOPETROL shall have
                                                                                                            a portion of such
                                                                                                            capacity under the
                                                                                                            “Ship or Pay”
                                                                                                            modality, pursuant
                                                                                                            to the definition
                                                                                                            contained in Clause
                                                                                                            34 of the General
                                                                                                            Conditions of this
                                                                                                            Master Service Contract.

 

		(b)	As
                                                                                                            specified in the annexes
                                                                                                            to Chapters I, II,
                                                                                                            III, IV and V hereof,
                                                                                                            ECOPETROL shall have
                                                                                                            a portion of such
                                                                                                            capacity under the
                                                                                                            “Ship and Pay”
                                                                                                            modality, pursuant
                                                                                                            to the definition
                                                                                                            contained in Clause
                                                                                                            34 of the General
                                                                                                            Conditions of this
                                                                                                            Master Service Contract.

 

		(c)	As
                                                                                                            a result of the provisions
                                                                                                            set forth in sub-paragraphs
                                                                                                            (a) and (b) above:

 

    	5

    	 

    

 

		1.	The
                                                                                                          sum total of contracted
                                                                                                          capacities under the
                                                                                                          “Ship or Pay”
                                                                                                          and “Ship and Pay”
                                                                                                          modalities amounts to
                                                                                                          one hundred percent
                                                                                                          (100%) of the Firm Capacity
                                                                                                          contracted by ECOPETROL.
                                                                                                          

 

		2.	Firm
                                                                                                          Capacity contracted
                                                                                                          under the “Ship
                                                                                                          or Pay” modality
                                                                                                          and Firm Capacity contracted
                                                                                                          under the “Ship
                                                                                                          and Pay” modality
                                                                                                          shall comprise percentages
                                                                                                          of the total Firm Capacity,
                                                                                                          based on the specifications
                                                                                                          in the annexes to the
                                                                                                          respective Chapters
                                                                                                          hereof. As of the Date
                                                                                                          of Signature, such percentages
                                                                                                          equal seventy-seven
                                                                                                          percent (77%) for the
                                                                                                          “Ship or Pay”
                                                                                                          modality and twenty-three
                                                                                                          percent (23%) for the
                                                                                                          “Ship and Pay”
                                                                                                          modality. 

 

Section
3.05    Specific rights concerning Firm Capacity. ECOPETROL
shall be entitled to release and/or assign in whole or in part Firm Capacity, based on the rules set forth below:

 

		(i)	Temporary
                                                                                                          Firm Capacity Release
                                                                                                          under “Ship or
                                                                                                          Pay” modality:
                                                                                                          

 

		(a)	ECOPETROL
                                                                                                            may at any point make
                                                                                                            the Firm Capacity
                                                                                                            under the “Ship
                                                                                                            or Pay” modality
                                                                                                            available to CENIT,
                                                                                                            either fully or in
                                                                                                            part, on a temporary
                                                                                                            basis.

 

It
shall be understood that ECOPETROL releases such capacity in the following cases:

 

		1.	When
                                                                                                         ECOPETROL notifies CENIT
                                                                                                         by any means of the volumes
                                                                                                         it releases and the time
                                                                                                         for which the capacity
                                                                                                         release will be effective.
                                                                                                         

 

		2.	When
                                                                                                         ECOPETROL fails to nominate
                                                                                                         volumes within the Firm
                                                                                                         Capacity, in which case
                                                                                                         the release time shall
                                                                                                         be understood to be the
                                                                                                         respective Operational
                                                                                                         Month; and 

 

		3.	When
                                                                                                         ECOPETROL fails to use
                                                                                                         all or part of its Scheduled
                                                                                                         Capacity, in which case
                                                                                                         the release time shall
                                                                                                         be understood to be the
                                                                                                         respective Day. 

 

		(b)	For
                                                                                                            Temporary Capacity
                                                                                                            Release the Parties
                                                                                                            shall agree on the
                                                                                                            procedure for ensuring
                                                                                                            its commercialization.

 

If
the Parties agree that CENIT is to market the Temporary Capacity Release, CENIT shall be required, on an ongoing basis, to offer
and put forth its best efforts to market it. It is understood that CENIT shall offer the Temporary Capacity Release to third parties
at such time as CENIT’s Available Asset Capacity is exhausted. 

 

    	6

    	 

    

 

		(c)	ECOPETROL
                                                                                                          shall not be required
                                                                                                          to pay the Service Rate
                                                                                                          with regard to any Temporary
                                                                                                          Capacity Release that
                                                                                                          CENIT or ECOPETROL successfully
                                                                                                          markets to a third party.

 

		(d)	ECOPETROL
                                                                                                          shall pay a Service
                                                                                                          Rate on the Temporary
                                                                                                          Capacity Release when
                                                                                                          CENIT or ECOPETROL are
                                                                                                          unable to market such
                                                                                                          Temporary Capacity Release.

 

		(e)	With
                                                                                                          regard to ECOPETROL’s
                                                                                                          Temporary Capacity Releases
                                                                                                          which CENIT successfully
                                                                                                          markets, ECOPETROL shall
                                                                                                          remit to CENIT a Marketing
                                                                                                          Rate to be agreed by
                                                                                                          the Parties and shall
                                                                                                          not be required to pay
                                                                                                          any additional Rate.
                                                                                                          In any event, the amount
                                                                                                          of the Marketing Rate
                                                                                                          agreed by the Parties
                                                                                                          shall not be greater
                                                                                                          than:

 

		1.	For
                                                                                                        released and marketed
                                                                                                        capacities of up to twenty
                                                                                                        thousand (20,000 BPCD)
                                                                                                        Barrels per Calendar Day,
                                                                                                        the Marketing Rate shall
                                                                                                        not exceed ten percent
                                                                                                        (10%) of the Service Rate
                                                                                                        corresponding to the Asset(s)
                                                                                                        subject to temporary release
                                                                                                        by ECOPETROL.

 

		2.	For
                                                                                                          released and marketed
                                                                                                          capacities in excess
                                                                                                          of twenty thousand (20,000
                                                                                                          BPCD), the Marketing
                                                                                                          Rate shall not exceed
                                                                                                          seven percent (7%) of
                                                                                                          the Service Rate corresponding
                                                                                                          to the Asset(s) subject
                                                                                                          to temporary release
                                                                                                          by ECOPETROL.

 

		(f)	CENIT
                                                                                                          shall not be required
                                                                                                          to accept nominations
                                                                                                          from ECOPETROL with
                                                                                                          respect to the Temporary
                                                                                                          Capacity Release, except
                                                                                                          in the event that it
                                                                                                          has not successfully
                                                                                                          marketed such Temporary
                                                                                                          Capacity Release.

 

		(g)	In
                                                                                                          those cases where various
                                                                                                          users release capacity
                                                                                                          for the respective Asset
                                                                                                          and CENIT markets a
                                                                                                          portion of such Temporary
                                                                                                          Capacity Release, for
                                                                                                          purposes of applying
                                                                                                          the rules set forth
                                                                                                          in letters (c) and (e)
                                                                                                          above, CENIT shall distribute
                                                                                                          such marketed capacity
                                                                                                          among the users that
                                                                                                          have released capacity,
                                                                                                          based on the proportion
                                                                                                          of contracted firm capacity
                                                                                                          held by each one of
                                                                                                          the users that have
                                                                                                          released capacity. 

 

		(h)	The
                                                                                                          release of capacity
                                                                                                          does not involve contractual
                                                                                                          modification of the
                                                                                                          Firm Capacity under
                                                                                                          ECOPETROL’s “Ship
                                                                                                          or Pay” modality.
                                                                                                          

 

		(ii)	Permanent
                                                                                                       Firm Capacity Release under
                                                                                                       the “Ship or Pay”
                                                                                                       modality: 

 

		(a)	Within
                                                                                                          the first ten (10) Calendar
                                                                                                          Years of the Completion
                                                                                                          Period of the Master
                                                                                                          Service Contract, ECOPETROL
                                                                                                          may permanently make
                                                                                                          available to CENIT all
                                                                                                          or part of the contracted
                                                                                                          Firm Capacity.

 

		(b)	For
                                                                                                          purposes of the Permanent
                                                                                                          Capacity Release, ECOPETROL
                                                                                                          may at any time notify
                                                                                                          CENIT, and by any written
                                                                                                          means, of the volumes
                                                                                                          it is releasing of the
                                                                                                          respective Firm Capacity
                                                                                                          and the Asset to which
                                                                                                          such Permanent Capacity
                                                                                                          Release applies. The
                                                                                                          Permanent Capacity Release
                                                                                                          shall be effective as
                                                                                                          of the first (1st)
                                                                                                          Day of the third (3rd)
                                                                                                          month following the
                                                                                                          date of notification
                                                                                                          of such permanent release.

 

    	7

    	 

    

 

		(c)	Following
                                                                                                          the first ten (10) Calendar
                                                                                                          Years of the Completion
                                                                                                          Period of the Master
                                                                                                          Service Contract, ECOPETROL
                                                                                                          may permanently make
                                                                                                          available to CENIT,
                                                                                                          at any time, all or
                                                                                                          part of the Firm Capacity.
                                                                                                          In this case of capacity
                                                                                                          release, the Firm Capacity
                                                                                                          shall only be modified
                                                                                                          when expressly accepted
                                                                                                          by CENIT. 

 

		(d)	ECOPETROL
                                                                                                          shall not be required
                                                                                                          to pay any Rate with
                                                                                                          regard to Permanent
                                                                                                          Capacity Release.

 

		(e)	The
                                                                                                        permanent capacity release
                                                                                                        leads to a contractual
                                                                                                        modification of ECOPETROL’s
                                                                                                        Firm Capacity. In order
                                                                                                        to determine the modified
                                                                                                        amount of Firm Capacity
                                                                                                        for each modality, the
                                                                                                        percentages set forth
                                                                                                        in Section 3.04 (ii) (c)
                                                                                                        (2) of the General Conditions
                                                                                                        shall be applied to the
                                                                                                        total amount of capacity
                                                                                                        that ECOPETROL has advised
                                                                                                        it will permanently release. 

 

		(f)	When
                                                                                                        ECOPETROL permanently
                                                                                                        releases capacity as a
                                                                                                        result of the termination
                                                                                                        or modification of the
                                                                                                        contract in force with
                                                                                                        the National Hydrocarbons
                                                                                                        Agency for the purchase
                                                                                                        of royalty Crude Oil,
                                                                                                        the Permanent Capacity
                                                                                                        Release shall modify the
                                                                                                        Firm Capacity:

 

		1.	When
                                                                                                     the release occurs during
                                                                                                     the first ten (10) Calendar
                                                                                                     Years of the Master Service
                                                                                                     Agreement, the percentages
                                                                                                     set forth in Section 3.04
                                                                                                     (ii) (c) (2) the General
                                                                                                     Conditions shall be applied
                                                                                                     to the total amount of capacity
                                                                                                     that ECOPETROL has advised
                                                                                                     it will permanently release.

 

		2.	Following
                                                                                                        the tenth Calendar Year
                                                                                                        the Master Service Contract
                                                                                                        has been in force, ECOPETROL
                                                                                                        may only unilaterally
                                                                                                        release capacity for volumes
                                                                                                        corresponding to royalty
                                                                                                        hydrocarbons that, pursuant
                                                                                                        to an order from the National
                                                                                                        Hydrocarbons Agency (or
                                                                                                        the entity acting in its
                                                                                                        stead) or from ECOPETROL
                                                                                                        in its capacity as purchaser,
                                                                                                        shall no longer form part
                                                                                                        of the contract(s) for
                                                                                                        royalty purchases that
                                                                                                        ECOPETROL has in effect
                                                                                                        at any given time. 

 

In
this case, it shall be understood that Permanent Capacity Release corresponds solely to the Firm Capacity subject to the “Ship
or Pay” modality. Consequently, the percentages set forth in Section 3.04 (ii) (c) (2) of the General Conditions shall be
adjusted based on the total amount of the capacity that ECOPETROL has indicated it will permanently release.  

 

		(iii)	Assignment
                                                                                                        of rights to Firm Capacity:

 

		(a)	ECOPETROL
                                                                                                          may temporarily or permanently
                                                                                                          assign all or a portion
                                                                                                          of its contractual rights
                                                                                                          to the Firm Capacity
                                                                                                          agreed in this Master
                                                                                                          Service Contract. 

 

    	8

    	 

    

 

		(b)	Should
                                                                                                          ECOPETROL exercise the
                                                                                                          option mentioned in
                                                                                                          the previous sub-paragraph,
                                                                                                          the following aspects
                                                                                                          must be taken into account:
                                                                                                          

 

		1.	ECOPETROL
                                                                                                     must inform CENIT of the
                                                                                                     volume of the capacity assigned
                                                                                                     to a third party, as well
                                                                                                     as of the effective time
                                                                                                     of the assignment for cases
                                                                                                     involving temporary assignment.
                                                                                                     

 

		2.	CENIT
                                                                                                           shall have a period
                                                                                                           of fifteen (15) Days
                                                                                                           to inform ECOPETROL
                                                                                                           of any objection it
                                                                                                           may have regarding
                                                                                                           any third party assignee.
                                                                                                           CENIT may not object
                                                                                                           to the assignment in
                                                                                                           cases where the third
                                                                                                           party assignee meets
                                                                                                           the following conditions:

 

		(A)	The assignee is a duly organized
                                                                   legal entity whose validity is at least equal to that of the
                                                                   assignment period, plus three (3) Calendar Years;

 

		(B)	The assignee has the financial
                                                                   capacity to satisfy the assigned obligations;

 

		(C)	The assignee grants to CENIT,
                                                                   if it so requests, an adequate guarantee to the satisfaction
                                                                   of the latter with respect to the obligations that are assumed;
                                                                   and

 

		(D)	The assignee is not authorized
                                                                   to in turn assign such rights to a third party, except where
                                                                   previously approved by CENIT.

 

		3.	The
                                                                                                           assignment of rights
                                                                                                           carried out by ECOPETROL
                                                                                                           and to which CENIT
                                                                                                           does not object, shall
                                                                                                           be fully binding and
                                                                                                           obligatory for CENIT.
                                                                                                           

 

		4.	The
                                                                                                           exercise of the rights
                                                                                                           to Firm Capacity by
                                                                                                           the assignee shall
                                                                                                           be subject to the execution
                                                                                                           of a separate contract
                                                                                                           between the third party
                                                                                                           and CENIT.

 

		5.	ECOPETROL
                                                                                                           shall not be jointly
                                                                                                           liable with the assignee
                                                                                                           regarding the obligations
                                                                                                           under its responsibility
                                                                                                           that are derived as
                                                                                                           a result of the assignment
                                                                                                           of Firm Capacity. 

 

		6.	As
                                                                                                           a result of the Firm
                                                                                                           Capacity transfers,
                                                                                                           ECOPETROL shall not
                                                                                                           be required to pay
                                                                                                           any Rate for such assigned
                                                                                                           capacity. 

 

Section 3.06    Additional
Capacity.

 

		(i)	Should
                                                                                                      ECOPETROL so require, CENIT
                                                                                                      is required to offer Additional
                                                                                                      Capacity beyond the Firm
                                                                                                      Capacity in identical conditions
                                                                                                      as would be offered to a
                                                                                                      third party, subject to
                                                                                                      the existence of Unused
                                                                                                      Capacity. 

 

    	9

    	 

    

 

		(ii)	Any
                                                                                                       Additional Capacity utilized
                                                                                                       by ECOPETROL shall be understood
                                                                                                       as having been agreed under
                                                                                                       the “Ship and Pay”
                                                                                                       modality, subject to the
                                                                                                       existence of Unused Capacity
                                                                                                       and shall be compensated
                                                                                                       by the payment of Service
                                                                                                       Rates applicable for the
                                                                                                       Services effectively provided
                                                                                                       to ECOPETROL. 

 

Section
3.07    Addition to Firm Capacity. At any time, the Parties may agree that
all or part of the Additional Capacity requested by ECOPETROL be added as Firm Capacity, for which the Parties shall enter into
the respective agreement whereby the conditions for completing such additional shall be defined.

 

Section 3.08    In
identical conditions as those offered to third parties, any increase in capacity in the Assets obtained by CENIT as of the Date
of Signature of this Master Service Agreement, may be contracted by ECOPETROL under the Additional Capacity or Firm Capacity modality.

 

Any change to the Firm Capacity pursuant
to the provisions of Section 3.08 shall require a previous written agreement by the Parties.

 

Section 3.09    The
Parties understand ECOPETROL’s position vis-á-vis other Shippers or users of the Assets is diminished if: (i) it
constitutes or grants new easements for the Assets to third parties; (ii) extends the term of existing easements with regard to
the Assets and thereby affects the rights of ECOPETROL as derived from this Master Service Agreement; (iii) grants, allows or
acknowledges for any user or Shipper privileges or priority regarding access to the infrastructure that diminish the status of
Shipper held by ECOPETROL by virtue of this Master Service Contract, with the exception of the Preferential Right for royalty
Crude Oil. 

 

	Clause
    4	Terms
    

 

Section 4.01  Term
of Validity. This Master Service Contract shall take effect on the Date of Signature and shall
remain in effect until it is terminated. The foregoing is without prejudice to the provision contained in number (iv) of Section
31.01 of the General Conditions hereof. 

 

Section 4.02   Completion
Period. CENIT is required to unconditionally and irrevocably, and subject to the conditions
hereof, provide ECOPETROL with the Services described in this Master Service Contract, as of the Commencement Date to the thirty-first
(31st) of March, 2044.

 

For purposes of formalizing the commencement
of each of the Services to be provided, the Parties shall sign a certificate of commencement specific to each one of these.

 

The Completion Period shall not be impacted
when (a) CENIT’s permits, licenses or authorizations required in order to provide one or more of the contracted Services
are not granted; (b) CENIT’s permits, licenses or authorizations required in order to provide one or more of the contracted
Services are cancelled; (c) CENIT’s permits, licenses or authorizations required in order to provide one or more of the
contracted Services cannot be extended. Should any of these situations arise, CENIT shall still be required to provide those Services
that are not impacted by the failure to grant, cancellation, inability to extend or lack of permits, licenses or authorizations,
notwithstanding any responsibility attributable to CENIT, when these cases, for reasons attributable to CENIT, impact the continuity
of Services provided to ECOPETROL.

 

    	10

    	 

    

 

Section 4.03Extension.
The Completion Period shall be extended automatically in periods of five (5) Calendar Years.
ECOPETROL must have funds available in the budget as a necessary condition for the automatic extension to take effect. ECOPETROL
must notify CENIT, no less than six (months) in advance of the date of expiration of the Completion Period, of the Services that
will be extended automatically, in accordance with existing availability of budgetary funds.

 

	Clause
    5	Value
    of the Contract and Consideration 

 

Section 5.01   Value
of the Contract. This Master Service Contract is for an undetermined amount. The final value
of this Master Service Contract shall be established once it has been terminated and final settlement has occurred. 

 

Section 5.02   Consideration.
CENIT shall be compensated for the Services through payment of Service Rates pursuant to the
terms and conditions established in the General Conditions and the Chapter regulating the respective Service.

 

ECOPETROL
shall only be required to pay CENIT the Service Rate applicable to Services provided to ECOPETROL, and under the terms agreed
in this Master Service Contract. Consequently, ECOPETROL shall not be required to make additional payments. 

 

Section 5.03   Comprehensive
nature of Service Rates. Service Rates shall include all costs, expenses, risks and utility
associated with providing the Services contemplated under the Master Service Agreement. 

 

Section 5.04    Notwithstanding
CENIT’s contractual responsibility, ECOPETROL shall not be required to remit Service Rates for: 

 

		(i)	The
                                                                                                      volumes of ECOPETROL Crude
                                                                                                      Oil corresponding to Identifiable
                                                                                                      Losses, except where CENIT
                                                                                                      demonstrates that they were
                                                                                                      attributable to a Justified
                                                                                                      Event and that all Reasonable
                                                                                                      Efforts were put forth;
                                                                                                      or

 

		(ii)	The
                                                                                                       volumes of ECOPETROL Crude
                                                                                                       Oil corresponding to Non-Identifiable
                                                                                                       Losses exceeding the maximum
                                                                                                       allowable tolerance under
                                                                                                       the law for these losses
                                                                                                       or the tolerance agreed
                                                                                                       by the Parties. 

 

ECOPETROL shall remit the applicable Rate
in those situations where CENIT provides the same volumes to ECOPETROL in kind, in the grades delivered by ECOPETROL, or its equivalent
in offset volumes.

 

Section 5.05    Review
of Service Rates. Service Rates may be reviewed: 

 

		(i)	For
                                                                                                      Crude Oil Transportation
                                                                                                      Service:

 

    	11

    	 

    

 

		(a)	In
                                                                                                            each rate period or
                                                                                                            in the situations
                                                                                                            permitted under law,
                                                                                                            pursuant to the provisions
                                                                                                            of the Ministry of
                                                                                                            Mines and Energy Resolution
                                                                                                            12 4386 of 2010, as
                                                                                                            amended or superseded;
                                                                                                            

 

		(b)	At
                                                                                                            any time when changes
                                                                                                            to the regulations
                                                                                                            for this activity
                                                                                                            occur; or 

 

		(c)	When
                                                                                                            CENIT establishes
                                                                                                            more favorable conditions
                                                                                                            for Shippers than
                                                                                                            those set forth in
                                                                                                            this Master Service
                                                                                                            Contract for ECOPETROL,
                                                                                                            taking into consideration
                                                                                                            the applicable contracting
                                                                                                            schedules.

 

		(ii)	For
                                                                                                       other Services, every four
                                                                                                       (4) years from the Date
                                                                                                       of Signature, for which
                                                                                                       a new written agreement
                                                                                                       modifying current Rates
                                                                                                       will be necessary. 

 

When
either of the Parties requests that a Rate be revised, the other Party shall be required to provide the respective studies in
advance, for which the Party requesting the revision shall submit or furnish all supporting documentation on which its request
is based. The Party completing the study may refuse to modify the Rate only by reasonable written justification.

 

In
the event of disagreement, the interested Party may pursue the mechanisms provided for under Clause 24 of the General Conditions
of the Master Service Contract, which shall not imply the suspension of the respective Services or the suspension of ECOPETROL’s
obligation to continue remitting the respective Service Rate in force.

 

Section
5.06   Agreements concerning Benefits, Discounts and Monetary Conditions. At
any time while this Master Service Contract is in force, the Parties may agree in writing on benefits, discounts or Monetary
Conditions concerning contracted Services. 

 

Section 5.07    Readjustment
of Rates. Rates shall be readjusted as follows:

 

		(i)	Rates
                                                                                                      corresponding to Crude Oil
                                                                                                      Transportation Service shall
                                                                                                      be readjusted annually by
                                                                                                      applying the formula set
                                                                                                      forth in Article 13 of the
                                                                                                      Ministry of Mines and Energy
                                                                                                      Resolution 12 4386 of 2010,
                                                                                                      as amended, supplemented
                                                                                                      or superseded. 

 

		(ii)	Rates
                                                                                                       for other Services shall
                                                                                                       be readjusted each Calendar
                                                                                                       Year by using: 

 

		(a)	The
                                                                                                            consumer price index
                                                                                                            published by the National
                                                                                                            Administrative Department
                                                                                                            of Statistics, or
                                                                                                            the entity that may
                                                                                                            replace it, corresponding
                                                                                                            to the immediately
                                                                                                            preceding Calendar
                                                                                                            Year, for those Rates
                                                                                                            agreed in Colombian
                                                                                                            pesos; 

 

		(b)	The
                                                                                                            Consumer Price Index
                                                                                                            of the United States
                                                                                                            of America, series
                                                                                                            CPI for All Urban
                                                                                                            Consumers (CPI-U)
                                                                                                            1982-84=100 (Unadjusted)
                                                                                                            - CUUR0000SA0 corresponding
                                                                                                            to the immediately
                                                                                                            preceding Calendar
                                                                                                            Year, pursuant to
                                                                                                            the data reported
                                                                                                            by the Bureau of Labor
                                                                                                            Statistics or the
                                                                                                            entity that may replace
                                                                                                            it, for Rates agreed
                                                                                                            in United States dollars.
                                                                                                            

 

    	12

    	 

    

 

	Clause
    6	Invoicing
    and Payment

 

Section 6.01   Invoicing.
CENIT shall issue an original and copy of individual invoices for each Service, i.e. Crude Oil
Transportation Service, Tank Truck Crude Oil Unloading Service, Crude Oil Loading Service at Ports, Tank Truck Crude Oil Loading
Service and marketing service for Temporary Capacity Release.

 

Crude Oil Transportation Service, Tank
Truck Crude Oil Unloading Service, Crude Oil Loading Service at Ports and Tank Truck Crude Oil Loading Service shall be invoiced
monthly within the first twenty (20) Days of the Operational Month. 

The volumes that must be taken into account
when invoicing for Crude Oil Transportation Service, Tank Truck Crude Oil Unloading Service, Crude Oil Loading Service at Ports
and Tank Truck Crude Oil Loading Service under the “Ship or Pay” modality shall be the volumes corresponding to the
Firm Capacity in effect as of the invoice date.

 

The volumes that must be taken into account
when invoicing for Crude Oil Transportation Service, Tank Truck Crude Oil Unloading Service, Crude Oil Loading Service at Ports
and Tank Truck Crude Oil Loading Service under the “Ship and Pay” modality and Additional Capacity, shall be the volumes
corresponding to ECOPETROL’s Scheduled Capacity for the Operational Month.

 

Section 6.02    Notwithstanding
the foregoing, CENIT must provide ECOPETROL with an annex providing for the breakdown of the invoice based on the following factors:

 

		(i)	Detail
                                                                                                      concerning the volume invoiced
                                                                                                      for each Pipeline, Unloading
                                                                                                      Platform, Port and Loading
                                                                                                      Platform.

 

		(ii)	Detail
                                                                                                       concerning the Crude Oil
                                                                                                       Transportation Rate, Tank
                                                                                                       Truck Crude Oil Unloading
                                                                                                       Rate, Crude Oil Loading
                                                                                                       at Ports Rate, Tank Truck
                                                                                                       Crude Oil Loading Rate
                                                                                                       for the service invoiced
                                                                                                       for each Pipeline, Unloading
                                                                                                       Platform, Port and Loading
                                                                                                       Platform.

 

Section 6.03    In
order to facilitate and expedite the verification of ECOPETROL’s invoices, CENIT shall send a PDF copy of the invoice and
any corresponding debit or credit notes via e-mail the same day the invoice is prepared, to the e-mail account registered to ECOPETROL.

 

Section 6.04     Currency.
Invoices shall be issued in United States dollars.

 

Section 6.05    Payment.
ECOPETROL is required to remit irrevocable payment of the invoice within thirty (30) Days following
its date of issuance, in Colombian pesos or United States dollars pursuant to the agreement of the Parties, to the bank account
registered to ECOPETROL, in immediately available funds and in accordance with CENIT’s Asset Laundering Policy. In the event
of a disagreement, the Parties accept that in all cases the payment shall be made in Colombian pesos. 

 

ECOPETROL
may remit payment for invoices in United States dollars, provided that the Colombian exchange legislation in force allows payment
in dollars by national residents. 

 

    	13

    	 

    

 

For
purposes of payment for Services in pesos, the amount of the payment shall be determined by using the respective service Rate
in dollars as a base and applying the official Representative Market Rate (TRM, for its initials in Spanish) certified by the
Financial Superintendence applicable to the Date of payment. 

 

Section 6.06    Invoicing
Disputes.

 

		(i)	CENIT
                                                                                                      must provide ECOPETROL with
                                                                                                      invoices for each service
                                                                                                      provided, yet in no case
                                                                                                      shall its receipt imply
                                                                                                      acceptance of the respective
                                                                                                      invoice.

 

		(ii)	ECOPETROL
                                                                                                       shall have a period of
                                                                                                       ten (10) business days
                                                                                                       as of the date of issuance
                                                                                                       of the invoices for each
                                                                                                       service, to review or dispute
                                                                                                       them. Upon the expiry of
                                                                                                       this period, if ECOPETROL
                                                                                                       has not raised an objection,
                                                                                                       the invoice shall be understood
                                                                                                       to have been accepted in
                                                                                                       its entirety by ECOPETROL.
                                                                                                       Objections to the invoice
                                                                                                       shall not disrupt the payment
                                                                                                       period for those amounts
                                                                                                       that are not in dispute.

 

ECOPETROL shall provide notice to CENIT
within the period provided concerning any disputed invoice so that it may be adjusted and corrected, clearly specifying the sections
that should be adjusted and corrected and the respective reasons why.

 

CENIT must respond to the objection within
ten (10) business days following its receipt, provided that ECOPETROL provides CENIT with all documentation giving rise to the
dispute, except where the Parties determine via mutual agreement to extend this period as may be advisable given the complexity
of the objection or any other reasonable circumstance.

 

In the event that CENIT fails to respond
to the objection within the aforementioned period, the objection shall be deemed accepted by CENIT. If CENIT makes a determination
about the objection that is favorable to ECOPETROL, it shall be understood that there is no payment obligation for the disputed
invoice as originally submitted. In this case, the receipt date shall be the date of submission of the new invoice.

 

If CENIT decides the objection in its
favor, ECOPETROL shall be required to pay any outstanding amount within ten (10) business days following CENIT’s notification
of its decision regarding the objection. In order to resolve any disagreement, each Party shall provide the other Party with a
copy of the documentation in support of the invoice and the objection. Should ECOPETROL disagree with CENIT’s determination,
ECOPETROL may apply the provisions of Clause 23 of the General Conditions of this Master Service Agreement (Disputes and Direct
Settlement), in which case ECOPETROL shall not be required to remit payment to CENIT of the amount in dispute.

 

Section 6.07    Payment
Delinquency. Notwithstanding the provisions of Section 19.03 of the General Conditions of the Master Service Contract, in
the case of unjustified failure to pay when due invoices are not challenged within a timely manner by ECOPETROL, in accordance
with the provisions of this Clause, ECOPETROL shall pay CENIT (i) interest in pesos at the maximum penalty Rate authorized by
the Financial Superintendence each day the balance due is unpaid, or (ii) interest due in dollars at the maximum annual penalty
Rate of Libor (+4), which under no circumstances may be more than the usury Rate established by Colombian law or less than the
consumer price index for the immediately preceding Calendar Year, for each day the balance due is unpaid. 

 

    	14

    	 

    

 

Invoices for collection of interest shall
be paid by ECOPETROL within thirty (30) Days following the date they are submitted by CENIT.

 

Invoices issued, as well as this Master
Service Contract, are enforceable per se as a judgment debt, and ECOPETROL and CENIT expressly waive any formal private or legal
declarations of default.

 

Section 6.08    Adjustments
in Invoicing. Adjustment shall be made to invoiced amounts in the following cases:

 

		(i)	In the case of adjustment arising
                                                             from information regarding Volumetric Compensation for Quality agreed
                                                             to by the Parties.

 

		(ii)	In the case of adjustments against
                                                              Barrels actually transported in the case of Ship and Pay and Additional
                                                              Capacity contracts.

 

		(iii)	In cases of adjustments for Temporary
                                                               Capacity Releases that arise and are used by another Shipper under
                                                               the terms of Section 3.05 (i) Temporary Release of Firm Capacity
                                                               under “Ship or Pay” modality and Section 3.05 (iii)
                                                               Assignment of Firm Capacity rights of the General Conditions of
                                                               this Master Service Contract.

 

		(iv)	In the event of adjustments due
                                                              to challenges to the invoices as set forth in this Clause.

 

		(v)	For Identifiable Losses and Non-Identifiable
                                                             Losses attributable to CENIT, for each of the services provided and
                                                             pertinent Assets.

 

		(vi)	Due to Suspension of services performed
                                                              according to the provisions of Clause 19 of the General Conditions
                                                              of this Master Service Contract, for each of the services rendered
                                                              and pertinent Assets.

 

		(vii)	Penalties to ECOPETROL for breach
                                                               of CENIT’s Transportation Program according to the provisions
                                                               of Clause 22 of CENIT’s Transporter Manual, for each of the
                                                               services provided.

 

		(viii)	Any adjustment in keeping with
                                                                the agreement between the Parties, arising from the rights and
                                                                obligations of this Master Service Contract.

 

		(ix)	Any adjustment in keeping with the
                                                              provisions of the annexes to this Master Service Contract.

 

		(x)	In any case, adjustments shall be
                                                             made by issuing invoices or debit or credit notes subject to the
                                                             same provisions regarding payment term, interest, and procedure for
                                                             invoicing disputes stipulated in this Clause.

 

    	15

    	 

    

 

Section 6.09   If
for any reason CENIT requests that: (i) payments be made to another natural person or legal entity, or (ii) that invoices be prepared
by another natural person or legal entity, such operations of CENIT shall not be binding on ECOPETROL, unless: (a) ECOPETROL is
notified regarding the operation intended by CENIT at least three (3) months prior to issuance of the invoice or payment; (b)
the operation intended by CENIT does not affect rights in effect on the date of the operation or the future rights of ECOPETROL;
and (c) in the event of acceptance by ECOPETROL, the assignee complies with all of the requirements established by ECOPETROL for
procedures for invoicing and payments.

 

Section 6.10   ECOPETROL
shall have a period of thirty (30) Days following the date of receipt of notification from CENIT to accept or decline. If ECOPETROL
does not reply within the referenced period, it shall be understood that there is no objection to the intended operation notified
by CENIT.

 

Section 6.11   If
CENIT is interested in factoring the invoices that it issues to ECOPETROL with regard to this Master Service Contract, ECOPETROL
shall first be given the option to pay the individual invoices for each of the following services in advance: Crude Oil Transportation
Service, Tank Truck Crude Oil Unloading Service, Crude Oil Loading Service at Ports, and the Tank Truck Crude Oil Loading Service
in the term and under the discounts stipulated by the Parties.

 

Section 6.12    With
respect to the Crude Oil Storage Service, the terms and conditions applicable to this Clause shall be stipulated by the Parties
taking into account the provisions of Chapter II of this Master Service Contract.

 

	Clause
    7	Representations
    of the Parties

 

Section 7.01   Representations
of ECOPETROL. ECOPETROL represents in favor of and to the benefit of CENIT that:

 

		(i)	It is a company whose corporate purpose
                                                             is carrying out in Colombia or in foreign countries commercial or
                                                             industrial activities pertaining to or related to the exploration,
                                                             production, refining, transportation, storage, distribution and marketing
                                                             of hydrocarbons, their products and any supplementary, connected
                                                             or useful activity for the performance of the foregoing, organized
                                                             in the Republic of Colombia pursuant to Colombian law.

 

		(ii)	It is fully qualified according
                                                              to the laws of the Republic of Colombia to enter into this Master
                                                              Service Contract and to comply with the obligations assumed under
                                                              the same, and it is authorized to enter into it and comply with
                                                              it in accordance with all corporate requirements and other pertinent
                                                              acts.

 

    	16

    	 

    

 

		(iii)	Notwithstanding the special conditions
                                                               arising from the provisions of Recital 10, the signature and performance
                                                               of the Master Service Contract, and the Chapters and annexes thereto
                                                               do not constitute a violation or breach of the terms or conditions
                                                               of any contract or agreement to which it is a party, its bylaws
                                                               or any law, regulation or court order.

 

		(iv)	ECOPETROL has the respective budgetary
                                                              approval for the multi-annual payments budgeted for performance
                                                              of the Master Service Contract hereunder.

 

Section 7.02   Representations
of CENIT. CENIT represents in favor of and to the benefit of ECOPETROL that:

 

		(i)	It is a simplified joint stock company
                                                             organized in the Republic of Colombia according to Colombian law,
                                                             dedicated primarily to the transportation and storage of hydrocarbons,
                                                             their products and related materials by means of transportation and/or
                                                             storage systems, for which it may design, build, operate, manage,
                                                             develop commercially and own hydrocarbon transportation systems and
                                                             related installations, including without limitation loading platforms,
                                                             unloading platforms and storage tanks, as well as providing services
                                                             related to port operation.

 

		(ii)	It is fully qualified according
                                                              to the laws of the Republic of Colombia, its company bylaws and
                                                              other company or corporate provisions to enter into this Master
                                                              Service Contract and to comply with the obligations assumed hereunder,
                                                              and it is authorized to enter into it and comply with it in accordance
                                                              with all corporate requirements and other pertinent acts.

 

		(iii)	It shall have all the licenses,
                                                               authorizations and permits necessary for compliance with its obligations
                                                               in order to provide the Services.

 

		(iv)	During the effective term of this
                                                              Master Service Contract it shall have available and shall directly
                                                              maintain or contract services for the operation and maintenance
                                                              of infrastructure for transportation and logistics of hydrocarbons
                                                              by an expert operator.

 

		(v)	The signature and performance of
                                                             the Master Service Contract and the Chapters and annexes thereto
                                                             do not constitute a violation or breach of the terms and conditions
                                                             of any contract or agreement to which it is a party, its bylaws or
                                                             any law, regulation or court order.

 

	Clause
    8	Obligations
    of the Parties

 

Section 8.01    Obligations
of CENIT. The following are special obligations of CENIT, among others:

 

		(i)	To comply promptly with all the obligations
                                                             pertaining to it pursuant to the Master Service Contract and current
                                                             law as:

 

		(a)	Employer;

 

    	17

    	 

    

 

		(b)	A party to the contract;

 

		(c)	Agent in the hydrocarbons chain;
                                                                and

 

		(d)	Provider of transportation, loading,
                                                                unloading, storage and operation of Ports.

 

		(ii)	To schedule and provide the Services
                                                              efficiently in accordance with the requirements of ECOPETROL, under
                                                              the terms defined in this Master Service Contract.

 

		(iii)	To operate the infrastructure associated
                                                               with the Services and to perform maintenance on it.

 

		(iv)	To exclusively assume all of the
                                                              operating expenses and capital investments of the Assets. Without
                                                              limitation, CENIT shall also assume on its own accord and at its
                                                              own risk all costs and expenses associated with:

 

		(a)	Operation of the Assets.

 

		(b)	Maintenance of the Assets.

 

		(c)	Investments for integrity or increase
                                                                of capacity or expansions regarding the Assets.

 

		(d)	Abandonment of the Assets.

 

		(v)	To be liable to ECOPETROL for any
                                                             event or situation that constitutes a breach of its contractual obligations.

 

		(vi)	To be liable for:

 

		(a)	Any damage or loss that may be
                                                                incurred by third parties during the performance of the activities
                                                                or execution of the obligations established in this Master Service
                                                                Contract.

 

		(b)	Any penalty and/or fine arising
                                                                from failure to comply with the law or failure to comply with
                                                                the permits, licenses and/or authorizations related to the performance
                                                                of this Master Service Contract.

 

		(vii)	To abstain from carrying out or
                                                               permitting practices or behavior that is not provided for in this
                                                               Master Service Contract and in applicable law, which affects or
                                                               jeopardizes the rights of ECOPETROL as user of the Services.

 

		(viii)	To carry out all the acts and
                                                                procedures necessary to ensure proper performance of the purpose
                                                                of this Master Service Contract.

 

		(ix)	To accept nominations made by ECOPETROL
                                                              within Contracted Capacity related to the Services under this Master
                                                              Service Contract, as well as to receive, store, handle, and deliver
                                                              ECOPETROL Crude Oil, according to the scheduling.

 

    	18

    	 

    

 

		(x)	To process and/or apply for government
                                                             permits and/or licenses that are necessary to perform the Services
                                                             and the extensions thereof if necessary, and to comply fully with
                                                             the aforementioned authorizations.

 

		(xi)	To assess, collect, and remit the
                                                              transportation tax on Crude Oil belonging to ECOPETROL, as well
                                                              as to send to the Ministry or Mines and Energy or any entity that
                                                              acts in its stead information regarding volumes transported by the Pipeline
                                                              under the Master Service Contract.

 

		(xii)	To notify ECOPETROL as soon as
                                                               reasonably possible of any event that may occur or that may be
                                                               reasonably foreseen, that affects or could affect the provision
                                                               of the Services or the legal effect of this Master Service Contract.

 

		(xiii)	To expedite and maintain updated
                                                                in keeping with national laws and Prudent Industry Practices all
                                                                regulations, manuals and procedures applicable to the Services
                                                                to be performed under this Master Service Contract.

 

		(xiv)	To ensure practices for attending
                                                               to, controlling and mitigating risks associated with the Services
                                                               and for managing contingencies aimed at preventing or mitigating
                                                               the effects vis-à-vis the provision of the Services under
                                                               this Master Service Contract.

 

		(xv)	To promptly provide any reports
                                                              and/or information required by ECOPETROL in the performance of this
                                                              Master Service Contract.

 

		(xvi)	To allow ECOPETROL, at its own cost and subject to prior request at least five (5) Days in
                                                               advance, to carry out an inspection, audit and verification regarding
                                                               information and documentation related to this Master Service Contract.

 

		(xvii)	To facilitate and assist in attending
                                                                to requests of any type that may be made by oversight agencies
                                                                that monitor the activity of ECOPETROL, related to the Services
                                                                and the compliance of obligations under this Master Service Contract.

 

		(xviii)	To permanently assist with and
                                                                 perform all activities related to the Services under this Master
                                                                 Service Contract, in coordination with other Agents that provide
                                                                 to CENIT services of the same or a similar nature and that are
                                                                 necessary to attend to requests made by ECOPETROL.

 

		(xix)	To comply with and ensure that
                                                               contractors related to the provision of the Services comply with
                                                               current standards regarding Hygiene, Safety, and the Environment
                                                               (hereinafter “HSE”).

 

		(xx)	To fully comply with legal provisions
                                                              regarding prevention and monitoring of asset laundering and terrorism
                                                              financing (hereinafter “LA/FT”) as applicable,
                                                              efficiently and promptly implementing policies and procedures necessary
                                                              for such purpose.

 

    	19

    	 

    

 

		(xxi)	To advance all necessary procedures
                                                               to make needed changes to the Transporter Manual applicable on
                                                               the Date of Signature of the transportation contracts signed by
                                                               ECOPETROL with the partners of the Oil Pipeline of Bicentenario
                                                               S.A., assigned to CENIT under the Asset Contribution Contract.

 

		(xxii)	To discharge all other obligations
                                                                arising from the nature of the Master Service Contract.

 

Section 8.02    Obligations
of ECOPETROL. The following are special obligations of ECOPETROL, among others:

 

		(i)	To comply in a timely manner with
                                                             all the obligations pertaining to it according to the Master Service
                                                             Contract and current law as:

 

		(a)	Employer;

 

		(b)	A Party to the contract; and

 

		(c)	Agent in the hydrocarbons chain.
                                                                

 

		(ii)	To comply with procedures applicable
                                                              to this Master Service Contract, particularly those associated with
                                                              nominations, Hydrocarbons Quality and Line Filling.

 

		(iii)	To nominate and deliver the nominated
                                                               and accepted quantities of ECOPETROL Crude Oil at the applicable
                                                               Entry Points, as well as to receive the pertinent volumes at the
                                                               Exit Points when applicable.

 

		(iv)	To make payment of the Rates and
                                                              payment of the taxes for which it is responsible under the terms
                                                              and conditions established in this Master Service Contract.

 

		(v)	To be liable for:

 

		(a)	Any
                                                                damage or loss that may be incurred by third parties during the
                                                                performance of the activities or execution of the obligations
                                                                established in this Master Service Contract.

 

		(b)	Any penalty and/or fine arising
                                                                from failure to comply with the law or failure to comply with
                                                                the permits, licenses and/or authorizations related to the performance
                                                                of this Master Service Contract.

 

		(vi)	To make its best efforts to coordinate
                                                              with other Agents who provide the same or similar services to CENIT
                                                              any activities that are necessary in order to avoid hindering performance
                                                              of the obligations of CENIT arising from this Master Service Contract.

 

		(vii)	To notify CENIT as soon as reasonably
                                                               possible of any event that arises or that could reasonably be foreseen
                                                               that affects or could affect the provision of the Services or the
                                                               legal effect of this Master Service Contract.

 

    	20

    	 

    

 

		(viii)	To carry out all the acts and
                                                                procedures necessary to ensure proper performance of the purpose
                                                                of this Master Service Contract.

 

		(ix)	To discharge all other obligations
                                                              arising from the nature of the Master Service Contract.

 

	Clause
    9	Followup
    Committee 

 

Notwithstanding the authority of ECOPETROL
to supervise and audit compliance of the obligations of CENIT, the Parties agree to form a Followup Committee whose principal
objective shall be to monitor performance of the Services, which shall be governed by the following rules:

 

Section 9.01   Formation.
The Followup Committee shall consist of four (4) members and their alternates. Each Party shall appoint two (2) members with
their respective alternates. Each Party may independently replace their members on the Followup Committee, and it shall be necessary
to inform the other Party in writing of any change at least fifteen (15) Days prior to the date the appointed person fills the
position.

 

Section 9.02Duties. The Followup
Committee shall have the following duties:

 

		(i)	To analyze situations that affect
                                                             provision of the Services in order to recommend the actions to be
                                                             taken.

 

		(ii)	To study any items of interest submitted
                                                              by the Parties in order to improve provision of the Services according
                                                              to the requirements of the Parties.

 

		(iii)	To present and track claims submitted
                                                               by ECOPETROL due to or related to performance of the Master Service
                                                               Contract.

 

		(iv)	To define, stipulate, discuss and
                                                              request reports and clarifications that CENIT is required to provide
                                                              to ECOPETROL pursuant to the obligations contained in number (xv)
                                                              of Section 8.01 of the General Conditions of this Master Service
                                                              Contract due to its performance.

 

The duties of the Followup Committee shall
under no circumstances be deemed as an authority of ECOPETROL to co-manage provision of the Services or to affect the technical,
administrative, financial and operating autonomy of CENIT.

 

Section 9.03   Meetings.
The Followup Committee shall meet at least once a month within the first ten (10) Days of the respective month, notwithstanding
the ability to meet at any other time when circumstances require, by communication sent by one of the representatives to the other.

 

Annual scheduling of meetings shall be
carried out by CENIT and sent to ECOPETROL within the first fifteen (15) Days of December of each Calendar Year. For the first
year of the Completion Period of the Master Service Contract, the schedule shall be sent on the last business day of April 2013
at the latest. 

 

    	21

    	 

    

 

	Clause
    10	Exclusion
    of Employment Affiliation

 

		(i)	This Master Service Contract establishes
                                                             a purely commercial affiliation between the Parties associated with
                                                             the provision of the Services, and therefore this Master Service
                                                             Contract does not entail any employment affiliation or subordination
                                                             or intermediation between the Parties, or between any one of them
                                                             and the personnel that, under the Master Service Contract, each Party
                                                             appoints for its performance.

 

		(ii)	CENIT shall be and shall be considered
                                                              an independent contractor and not the agent, representative, or
                                                              mere intermediary of ECOPETROL. At no time shall CENIT be authorized
                                                              to bind ECOPETROL or to act on its behalf, except with express authorization
                                                              in writing from ECOPETROL. The performance of the Master Service
                                                              Contract shall be under the exclusive supervision and control of
                                                              CENIT.

 

		(iii)	Each Party and its subcontractors,
                                                               and the workers of one and of others, shall not be subordinated
                                                               in the work to the other Party, nor shall they be the other Party’s
                                                               intermediaries, and shall have full technical, administrative and
                                                               managerial autonomy with respect to their obligations under this
                                                               Master Service Contract.

 

	Clause
    11	Claims

 

Notwithstanding (i) the procedure for
claims established for invoices under Section 6.06 of the General Conditions of this Master Service Contract and (ii) the special
procedure established for management of indemnities, any other claim that ECOPETROL may have arising from the performance of this
Master Service Contract shall be submitted in writing within ninety (90) Days following occurrence of the event from which the
claim arose, with any applicable supporting arguments.

 

All claims shall be processed according
to the procedures defined by CENIT for addressing complaints and claims promptly and diligently, within a maximum period of sixty
(60) Days to provide a substantive response to them.

 

This claims procedure does not in any
way affect the rights of ECOPETROL to claim any type of damage, loss or indemnity in accordance with the procedures established
in this Master Service Contract.

 

	Clause
    12	Environmental
    and occupational health liability 

 

Section 12.01 CENIT:

 

		(i)	Acknowledges that it is the sole
                                                             party responsible for any damage or deterioration, however slight,
                                                             that CENIT or its workers or contractors cause related to provision
                                                             of the Services regarding the air, water, ground, or to human health
                                                             and animal or plant life, or for pollution or damage to highways,
                                                             internal roads, streets, marshes, rivers, drainage ditches, parks,
                                                             green areas, residential areas and equipment or plants, as a consequence
                                                             of the performance of its activities, and consequently will hold
                                                             ECOPETROL harmless under the terms of this Master Service Contract.

 

    	22

    	 

    

 

 

		(ii)	Declares that it is aware of Colombian
                                                              law on the protection of human health, natural resources and
                                                              the environment, and agrees to comply with it.

 

		(iii)	Acknowledges that it shall be the
                                                               sole party responsible for compliance with laws on occupational
                                                               health, safety of all personnel who work for CENIT or for its
                                                               contractors related to performance of the Services and protection
                                                               of assets.

 

		(iv)	Agrees to implement a special policy
                                                              for protection of health and conservation of the environment, expressly
                                                              making employees and contractors related to provision of the Services
                                                              aware of it.

 

Under such policy, in actual
practice CENIT shall give proper attention to the environment, workers’ health and health of other individuals at the
locations where the Master Service Contract will be performed, preserving the air, water, soil and animal and plant life from
any adverse effect that could arise from activities pertaining to the Master Service Contract and collaborating
closely with ECOPETROL.

 

		(v)	Shall provide all protection systems
                                                             necessary to ensure the safety of the people and assets of ECOPETROL,
                                                             being directly responsible for any damage arising from the performance
                                                             of the Master Service Contract.

 

Section 12.02  ECOPETROL
may carry out periodic inspections at the installations of CENIT related to providing the Services in order to verify compliance
with standards regarding protection of health, environment and assets as well as to detect any harmful or hazardous action, for
which it shall have and has the respective authorization.

 

Any violation of standards regarding protection
of health, environmental protection and handling of assets, as established in this Clause during the performance of this Master
Service Contract shall be corrected by CENIT at its own cost and risk.

 

	Clause
    13	Corporate
    Responsibility 

 

CENIT agrees to:

 

		(i)	Respect and observe the Code of Good
                                                             Governance, the Policies of Comprehensive Responsibility and Corporate
                                                             Responsibility of ECOPETROL and the policies on prevention, oversight,
                                                             and management of the risk of asset laundering and the financing
                                                             of terrorism of ECOPETROL. In the event of contradictory provisions between the
                                                             policies of CENIT and those of ECOPETROL, the Parties agree in good
                                                             faith to agree on a solution and a course of action to follow.

 

    	23

    	 

    

 

		(ii)	Endeavor to establish and maintain
                                                              good relations with the institutions (authorities) and communities
                                                              located in the regions and areas where the Master Service Contract
                                                              will be performed.

 

		(iii)	Report to the contract manager
                                                               of the Master Service Contract or to the person who carries out
                                                               his/her duties, any incidents or events that could affect its image
                                                               and/or that of ECOPETROL within three (3) business days following
                                                               their occurrence in order to handle the matter jointly.

 

	Clause
    14	Transparency
    commitment

 

The Parties agree to:

 

		(i)	Uphold appropriate behaviors and
                                                             oversight to ensure ethical conduct in accordance with current standards.

 

		(ii)	Refrain from making (directly or
                                                              indirectly or through employees, representatives, affiliates or
                                                              contractors), payments, loans, gifts, bonuses, commissions to employees,
                                                              management, administrators, contractors or providers of the Parties,
                                                              public officials, members of popularly-elected bodies or political
                                                              parties, with the purpose of inducing such persons to carry out
                                                              an act or make a decision or use their influence with the objective
                                                              of contributing in order to obtain or retain business transactions
                                                              related to the Master Service Contract.

 

		(iii)	Refrain from producing incorrect
                                                               records or information or distributing information that affects
                                                               the image of the other Party when it is based on unfounded conjectures.

 

		(iv)	Report to each other any deviation
                                                              from the policy of conduct indicated in this clause.

 

	Clause 15	Code of Good Governance and Asset Laundering Policies.

 

The Parties agree to respect and observe
the Code of Good Governance and Policies of Loyalty and Transparency of CENIT and the Code of Good Governance and Asset Laundering
Policy of ECOPETROL, which shall be available respectively on the websites of CENIT and ECOPETROL. In the event of conflicting
provisions between the policies of CENIT and those of ECOPETROL, the Parties shall implement in good faith the dispute resolution
procedure established in the General Conditions of this Master Service Contract.

 

	Clause
    16	Responsibility

 

Section 16.01   Responsibility
of the Parties.

 

 

    	24

    	 

    

 

		(i)	The Parties declare that they are
                                                             aware of the conditions of public order and safety of the areas in
                                                             which the purpose of the Master Service Contract will be carried
                                                             out in whole or in part, and each Party assumes responsibility for
                                                             its own risks arising from such conditions.

 

		(ii)	Each Party shall be exclusively
                                                              responsible for damages incurred by third parties due to its activity.
                                                              Specifically, each Party shall be responsible for any loss or damage
                                                              to all third party property or third party injury, illness or death
                                                              as a result of acts or omissions or those of its personnel or those
                                                              of the personnel of its contractors.

 

		(iii)	Compliance with the pertinent legal
                                                               obligations of each of the Parties, between them specifically including
                                                               those related to their operation, their personnel, compliance with
                                                               environmental policies, those related to the legality of rights
                                                               of intellectual property, of tax provisions or any others of a
                                                               similar nature, is the duty and exclusive responsibility of the
                                                               Party with whom the referenced obligation rests, and any noncompliance
                                                               shall only affect the referenced Party.

 

Section 16.02Contractual liability
of CENIT. 

 

		(i)	With
                                                                                               the exception of the provisions
                                                                                               of numbers (ii) and (iii) of this
                                                                                               Section and/or in each Chapter
                                                                                               within the Master Service Contract,
                                                                                               CENIT shall be liable in all cases
                                                                                               for damages incurred by ECOPETROL
                                                                                               that are generated, derived from
                                                                                               or related to, breach in whole
                                                                                               or in part by CENIT, by act or
                                                                                               omission, of the obligations contained
                                                                                               in this Master Service Contract.
                                                                                               

 

		(ii)	CENIT
                                                                                                shall be liable for damages arising
                                                                                                from breach in the availability
                                                                                                of Firm Capacity in any events
                                                                                                in which the latter is under the
                                                                                                Minimum Firm Capacity Availability
                                                                                                established in Section 3.03 of
                                                                                                the General Conditions. 

 

		(iii)	CENIT
                                                                                                 shall only be exonerated in whole
                                                                                                 or in part from liability for
                                                                                                 failure to perform or for defective
                                                                                                 or late performance of its obligations
                                                                                                 under this Master Service Contract
                                                                                                 if it provides full proof that
                                                                                                 the cause of the damage is due
                                                                                                 to a Justified Event and that
                                                                                                 it also made all Reasonable Efforts.

 

Section 16.03Contractual liability
of ECOPETROL. ECOPETROL shall be liable for damages incurred by CENIT that are generated, derived from or related to, breach
in whole or in part by ECOPETROL by act or omission of the obligations under this Master Service Contract, except when there are
grounds for exemption from liability in accordance with the law. 

 

	Clause
    17	Indemnity

 

Section 17.01   CENIT
agrees to protect, defend, indemnify and hold ECOPETROL, parent companies of ECOPETROL, subordinate companies of ECOPETROL (excluding
CENIT), directors of ECOPETROL, officers of ECOPETROL, representatives and/or employees of ECOPETROL harmless from any claim,
complaint, litigation, legal or non-legal action, argument and judgment of any type or nature filed or that may be filed against
any of them by third parties, arising from or related to the activities of Crude Oil Transportation, Crude Oil Storage, Tank Truck
Crude Oil Unloading, Crude Oil Loading at Ports and Tank Truck Crude Oil Loading, except when it is due to events of bad faith
or gross negligence of ECOPETROL.

 

    	25

    	 

    

 

Consequently all costs and expenses necessary
for repair or compensation of such damages, costs, expenses or loss will be borne exclusively by CENIT, as well as legal and non-legal
costs incurred and attorneys’ fees.

 

Section 17.02   ECOPETROL
agrees to protect, defend, indemnify and hold CENIT, directors of CENIT, officers of CENIT, representatives and/or employees of
CENIT harmless from any claim, complaint, litigation, legal or non-legal action, argument and judgment of any type or nature filed
or that may be filed against any of them by third parties, arising from or related to the performance of the obligations of ECOPETROL
under this Master Service Contract, except when due to events of bad faith or gross negligence of CENIT.

 

Section 17.03   CENIT
and/or ECOPETROL, as applicable (hereinafter the “Claimant Party”), may file claims or the pertinent actions
to enforce the indemnity set forth in Sections 17.01. and 17.02 of Clause 17 of the General Conditions of this Master Service
Contract, subject to the procedure established below:

 

Section 17.04    Indemnity
claim procedure.

 

		(i)	In the event that either of the Claimant
                                                             Parties seeks to be held harmless or defended in the event of the
                                                             indemnity obligations provided in this Clause, the interested Claimant
                                                             Party shall notify the other party (hereinafter the “Respondent
                                                             Party”) promptly regarding the process, claim or loss.

 

		(ii)	In the case of court orders, the
                                                              Claimant Party shall answer the complaint promptly and implead or
                                                              file a formal accusation against the Respondent Party, as applicable,
                                                              unless the Parties reach a direct mutual agreement. The Respondent
                                                              Party may not allege or file an exception on the existence
                                                              of an arbitration clause in this Master Service Contract.

 

		(iii)	In the case of administrative procedures,
                                                               the Claimant Party shall file any timely recourse allowed by governmental
                                                               channels.

 

The Parties may agree at any
time that the Respondent Party shall directly assume the legal or administrative defense of the Claimant Party. In such event,
the Claimant Party shall collaborate and provide assistance to the Respondent Party in order to take necessary or advisable measures
in the course of the process, including conferring powers of attorney.

 

The Parties agree that neither
the Claimant Party nor the Respondent Party may conciliate, settle or in any other way agree or commit to any aspect of the procedure
by means of which the Claimant Party seeks to be held harmless or defended by the Respondent Party, without the prior consent
of the other Party, unless settlement, conciliation or consent includes the unconditional release of the Claimant Party or of
the Respondent Party, as the case may be, from all liability within the process. The aforementioned requested consent may not
be unreasonably denied or delayed by the Party from whom such consent was requested.

 

    	26

    	 

    

 

		(iv)	The Claimant Party and the Respondent
                                                              Party shall work closely and consistently together regarding the
                                                              situation and the status of any action or means of defense that
                                                              the Claimant Party may have initiated or filed. If the Parties agree
                                                              that the Respondent Party would assume the defense directly, the
                                                              latter shall keep the Claimant Party informed about the status of
                                                              the process. Likewise, the Claimant Party must inform the Respondent
                                                              Party of the status of the process.

 

		(v)	After the process is concluded, as
                                                             applicable, the Respondent Party shall be obligated to pay the Claimant
                                                             Party within a period of not more than sixty (60) Days following
                                                             receipt by the Respondent Party of the Claimant Party’s written
                                                             communication regarding the conclusion of the process, and the amount
                                                             established in the ruling, decision, award or act that ends the process,
                                                             including all applicable interests, default  and penalties,
                                                             as set forth in the respective proceeding.

 

		(vi)	In the event that the decision of
                                                              the Respondent Party is not to initiate or file actions or means
                                                              of defense or, as applicable, the respective response to charges
                                                              and clarifications are not submitted, the Respondent Party shall
                                                              proceed to pay the Claimant Party the pertinent amount according
                                                              to the notification received of third-party claim, and as of the
                                                              payment date shall be released from any liability due to the aforementioned
                                                              procedure or court order.

 

		(vii)	The defense strategy shall endeavor
                                                               to ensure that the Claimant Party is not subject to attachment
                                                               or other loss. If such precautionary measures, attachment or similar
                                                               processes are ordered that affect the operations of the Claimant
                                                               Party, the Respondent Party shall take the pertinent legal steps
                                                               to lift or suspend such measures, doing so promptly and diligently.

 

		(viii)	With regard to any claim of the
                                                                Claimant Party pursuant to the provisions of this Master Service
                                                                Contract, the Respondent Party shall make the pertinent payment:

 

		(a)	Within sixty (60) Days following
                                                                   the date the claim was made, in the event that it concerns
                                                                   a matter regarding which there is no dispute between the Parties;
                                                                   or

 

		(b)	Within sixty (60) Days following
                                                                   the date of the final ruling or the agreement reached regarding
                                                                   the claim, in the event of a dispute between the Parties involved.

 

		(ix)	The Parties agree to cooperate to
                                                              the greatest extent possible in connection with any third-party
                                                              claim regarding which indemnity may or may not be demanded under
                                                              this Master Service Contract.

 

    	27

    	 

    

 

Section 17.05    If
subsequent to the date the respective legal or administrative process is concluded, a Dispute arises between the Parties with
respect to the indemnity obligation, the same shall be resolved by means of the mechanisms established in Clause 23 of the General
Conditions of this Master Service Contract.

 

	Clause
    18	Confidentiality

 

Section 18.01    The
Parties agree to maintain strictly confidential without disclosing to anyone the information notified as confidential (hereinafter
the “Information”), that was furnished during the performance of this Master Service Contract and during the
activities of ECOPETROL and/or of CENIT.

 

Section 18.02    Notwithstanding
the foregoing, Information may be disclosed only in the following cases:

 

		(i)	When disclosure of the Information
                                                             is required by law;

 

		(ii)	When disclosure of the Information
                                                              is ordered by a competent authority;

 

		(iii)	When the Information in question
                                                               is of the public domain, without being due to any act or omission
                                                               of the Parties; or

 

		(iv)	When the person who provided the
                                                              information has authorized it previously in writing in each case.

 

Section 18.03   For
any Information that must be or needs to be disclosed as stipulated in the foregoing sections, the disclosure in question shall
only take place after consultation, if the deadline granted by law or the authorities who ordered disclosure of the Information
permits, with the Party who provided the Information. In cases in which it is not possible to implement the period granted by
law or the authorities to disclose the Information, the Party disclosing the Information shall subsequently inform the other Party
of the referenced disclosure.

 

Section 18.04    In
addition, the Information shall be understood as being available for disclosure to employees, advisors and officers of the Parties.

 

Section 18.05   The
Parties may disclose the Information without prior written consent of the other to an Affiliate company, provided that the Parties
guarantee that the aforementioned Affiliate company shall observe the confidentiality terms and other conditions of this Master
Service Contract.

 

    	28

    	 

    

 

Section 18.06    In
all cases, the Parties shall ensure that the individuals to whom the Information is disclosed maintain such Information confidential
and refrain from disclosing it. The Parties shall be responsible for any disclosure of Information by their employees, advisors,
and officers. If the Parties become aware of an unauthorized disclosure of Information, it shall be immediately notified to the
other Party, and they shall jointly take all measures necessary and/or advisable to prevent other disclosures of Information in
the future.

 

Section 18.07   The
Parties shall only use or allow use of the disclosed Information in the performance of this Master Service Contract in order to
comply with it. Disclosure of Information under this Master Service Contract shall not grant any other right.

 

Section 18.08    The
Parties shall be responsible if, through negligent acts or omissions, they disclose or make any Information public outside the
terms provided hereunder in accordance with the law.

 

Section 18.09    Either
of the Parties may demand return of the Information at any time following written notification to the other Party. Within thirty
(30) Days following receipt of such notification, the receiving Party shall return all original Information and shall destroy
or ensure destruction of all copies and reproductions (in any form, including but not limited to electronic means) that it has
in its possession or in possession of individuals to whom it was disclosed under this Master Service Contract. In all cases, at
the end of the Completion Period of the Master Service Contract, each of the Parties shall return to the other Party all original
Information and destroy or ensure destruction of all copies and reproductions (in any form, including but not limited to electronic
means) that it has in its possession or in possession of individuals to whom it was disclosed under this Master Service Contract.

 

Section 18.10 During the Completion
Period, the Parties are required to keep confidential and not disclose the Information expressly identified in writing by
each of them that is protected by copyright or industrial secrecy according to current laws, which is directly delivered by one
of the Parties to the other due to the performance of the Master Service Contract, and agree not to provide such Information to
third parties, unless ordered to do so by legal or administrative authorities or in events in which current legal provisions so
order.

 

This confidentiality Clause shall remain
in effect after termination of the Master Service Contract.

 

	Clause
    19	Suspension

 

Section 19.01   Suspension
of the Services. Provision of the Services may be suspended in part when:

 

		(i)	In the case of Justified Events.
                                                             In these cases the affected Party shall notify the other Party, first
                                                             by the most expeditious means and later in writing within a maximum
                                                             period of twenty-four (24) hours regarding the respective situation,
                                                             indicating the events that brought about the Justified Event. Also,
                                                             the lifting of the Justified Event and its consequences will be communicated
                                                             in writing within twenty-four (24) hours of the conclusion of the
                                                             respective Justified Event.

 

    	29

    	 

    

 

The Party affected by a Justified
Event is required to do everything reasonably advisable and possible, under extraordinary conditions, to mitigate and minimize
the effects of the Justified Event, as well as to overcome them as soon as possible.

 

Partial suspension of the Services
does not authorize either of the Parties to interrupt performance of their other contractual obligations that are not affected
by the partial suspension.

 

		(ii)	Due to causes not attributable
                                                              to CENIT it does not have the permits, licenses or authorizations
                                                              required to perform the Services, without prejudice to the responsibility
                                                              of CENIT under the provisions of Sections 8.01 and 16.02 of the
                                                              General Conditions of this Master Service Contract.

 

		(iii)	Causes attributable to CENIT that
                                                               make it impossible to perform the Services, without prejudice to
                                                               CENIT’s contractual liability for breach of its obligations.

 

		(iv)	Negligent breach by ECOPETROL except
                                                              when it is a matter of disputed amounts of money. Negligent breach
                                                              shall be considered to exist when ECOPETROL has failed to comply
                                                              with its payment obligations after the grace period has expired
                                                              and the credit limit stipulated between the Parties is reached.

 

Section 19.02   Suspension
of the Services shall not affect the authority of ECOPETROL to search for and implement alternatives that allow it to ensure supply
of suspended Services directly by another provider, regarding which CENIT may not make claims or request any compensation.

 

Section 19.03   ECOPETROL
shall not be required to pay the Rate for Services that have been suspended or have not been performed due to the occurrence of
the events established in numbers (ii) and (iii) of Section 19.01.

 

    	30

    	 

    

 

Section 19.04   
ECOPETROL shall be required to pay the Rate for Services that are suspended or not performed due to occurrence of the event indicated
in number (iv) of Section 19.01.

 

Section 19.05   In
the case of suspension of the Crude Oil Transportation Service due to occurrence of a Justified Event in the Caño Limón
Coveñas Oil Pipeline and/or the Transandino Oil Pipeline, pursuant to the provisions of number (i) of Section 19.01, the
following procedure shall apply:

 

		(i)	When during the same Calendar Year,
                                                             one or more Justified Events are alleged by CENIT, jointly or separately,
                                                             as a cause of suspension of the Crude Oil Transportation Service
                                                             by any of the aforementioned Oil Pipelines, ECOPETROL shall be required
                                                             to pay the lower price in effect at the time of the suspension between
                                                             operating and maintenance costs or the current Transportation Rate
                                                             recognized by the Ministry of Mines and Energy or the entity acting
                                                             in its stead, applicable to Firm Capacity under the “Ship or
                                                             Pay” modality.

 

If, within the same
Calendar Year, the Crude Oil Transportation Services have been suspended for continuous or discontinuous periods whose total
exceeds one hundred and eighty (180) Days after the first Day of suspension, ECOPETROL, after Day one hundred and eighty-one
(181) of the suspension, shall not be required to pay any amount to CENIT until the pertinent Service is recommenced.

 

		(ii)	When during the same Calendar Year
                                                              one or more Justified Events are alleged by ECOPETROL, jointly or
                                                              separately, as a cause of suspension of the Transportation Service
                                                              by any of the aforementioned Oil Pipelines, ECOPETROL shall not
                                                              be required to pay the Transportation Rate for Crude Oil Transportation
                                                              Services until day one hundred and eighty (180) of the suspension.

 

If during the
same Calendar Year the Services have been suspended for continuous or discontinuous periods that exceed one hundred and
eighty (180) Days following the first Day of suspension, ECOPETROL shall be required to pay the Transportation Rate for
Firm Capacity under the Ship or Pay modality as of Day one hundred eighty-one (181) of the suspension, until the
requirement for Crude Oil Transportation Services by ECOPETROL is recommenced.

 

Section 19.06    For
other Assets and Services, in the case of suspension or failure to provide the Services due to a Justified Event, in accordance
with the provisions of number (i) of Section 19.01, the following procedure shall apply:

 

		(i)	When during the same Calendar Year
                                                             one or more Justified Events are alleged by CENIT, jointly or separately,
                                                             as a cause of suspension of one or more Services for one or more
                                                             Assets in particular, ECOPETROL, during the first ninety (90) Days
                                                             of suspension, shall be required to pay the Rate for Firm Capacity
                                                             under the Ship or Pay modality for the suspended Services.

 

If during the same Calendar
Year the Services for particular Assets have been suspended for continuous or discontinuous periods that exceed ninety (90) Days
following the first Day of suspension, ECOPETROL shall not be required to pay the Rate until the pertinent Service is recommenced.

 

    	31

    	 

    

 

		(ii)	When during the same Calendar Year
                                                              one or more Justified Events are alleged by ECOPETROL, jointly or
                                                              separately, as a cause for suspension of one or more Services for
                                                              one or more of the Assets, ECOPETROL shall not be required to pay
                                                              the Rate pertaining to Firm Capacity under the Ship or Pay modality
                                                              for suspended Services.

 

If during the same Calendar
Year the Services have been suspended for continuous or discontinuous periods that exceed ninety (90) Days following the first
Day of suspension, ECOPETROL shall be required to pay the Rate as of Day ninety-one (91) of suspension, until the requirement
for Crude Oil Transportation Services by ECOPETROL is recommenced.

 

	Clause
    20	Termination
    of the Master Service Contract

 

This Master Service Contract will terminate:

 

		(i)	Due to expiration of the stipulated
                                                             Completion Period; or

 

		(ii)	By mutual agreement of the Parties.

 

	Clause 21	Final settlement of the Master Service Contract

 

After termination of the Master Service
Contract, the Parties shall sign the record of finalization of performance.

 

The Parties shall prepare the final settlement
of the Master Service Contract by mutual agreement within six (6) months following the Termination Date of the Master Service
Contract. For such purpose ECOPETROL shall prepare the record of finalization, which shall be submitted for review by CENIT.

 

If CENIT does not agree on the final
settlement or there is no agreement regarding its content within the aforementioned term, ECOPETROL may
independently make a final settlement in one (1) month, which in any case is not binding on CENIT and may be challenged by
the latter.

 

The record of final settlement shall expressly
set forth the following:

 

		(i)	Declaration regarding compliance
                                                             of obligations of each of the Parties in the performance of the Master
                                                             Service Contract; and

 

		(ii)	Any agreements, conciliations and
                                                              settlements reached by the Parties in order to finalize differences
                                                              and prepare a no-debt certificate.

 

    	32

    	 

    

 

After final settlement of the Master Service
Contract, each Party shall pay the other any amounts owed for any reason that are obtained in the final settlement procedure,
after making any pertinent deductions.

 

	Clause 22	Assignment and subcontracting

 

Section 22.01    The
Parties shall have the right to assign or transfer in whole or in part their interests, rights and obligations under this Master
Service Contract according to the rules established herein. Any assignment or transfer that is contrary to the aforementioned
rules shall not be valid or binding on the other Party.

 

Section 22.02   Assignment
by CENIT. CENIT may assign in whole or in part the rights and obligations under this Master Service Contract provided that
it does not affect the rights of ECOPETROL to the Services. Any assignment of rights and obligations that affects the rights of
ECOPETROL under this Master Service Contract shall require prior written approval from ECOPETROL, except when the assignment is
made to a subordinate or controlling company of CENIT.

 

For purposes of the provisions of this
number, CENIT shall submit a written request for approval, indicating the essential elements of the transaction, such as possible
parties, rights and obligations, scope of the assignment and the manner they affect or may affect the referenced rights of ECOPETROL.
ECOPETROL shall have a period of thirty (30) Days following delivery of the request for approval to provide the decision to accept
or reject the request. If ECOPETROL fails to answer within such term, the assignment shall be considered approved.

 

Section 22.03    Assignment
by ECOPETROL. ECOPETROL may assign in part or in whole the rights and obligations under this Master Service Contract provided
that it does not affect the rights of CENIT under this Master Service Contract.

 

Any assignment of rights and obligations
that affects the rights of CENIT under this Master Service Contract shall require prior written approval from CENIT, except when
the assignment is made to a subordinate or controlling company of ECOPETROL.

 

For purposes of the provisions of this
number, ECOPETROL shall submit a written request for approval, indicating the essential elements of the transaction, such as possible
parties, rights and obligations, scope of the assignment and the manner they affect or may affect the referenced rights of CENIT.
CENIT shall have a term of thirty (30) Days following delivery of the request for approval to provide the decision to accept or
reject the request. If CENIT fails to answer within such term, the assignment shall be considered approved.

 

CENIT may require the assignee to provide
an adequate guarantee to the satisfaction of the former with respect to the obligations that are assumed.

 

In no case shall ECOPETROL be jointly
responsible to CENIT or to third parties with the assignee in the event of assignment of the Master Service Contract.

 

    	33

    	 

    

 

The provisions of this Section shall not
apply to assignments of rights to Firm Capacity provided under Section 3.05 number (iii) of the General Conditions.

 

Section 22.04    Subcontracting.
CENIT may subcontract all or part of the obligations for the provision of the Services. In all cases:

 

		(i)	CENIT shall maintain control and
                                                             supervision of activities of its subcontractors.

 

		(ii)	CENIT shall continue to be the sole
                                                              party responsible to ECOPETROL for compliance of its obligations
                                                              under this Master Service Contract.

 

		(iii)	There shall be no contractual connection
                                                               between ECOPETROL and subcontractors of CENIT.

 

		(iv)	Any complaint, claim or petition
                                                              of a subcontractor of CENIT shall be entirely addressed by CENIT.

 

		(v)	No breach by subcontractors of CENIT
                                                             shall be considered a Justified Event, extraneous cause or exculpatory
                                                             circumstance for CENIT vis-à-vis ECOPETROL.

 

	Clause
    23	Dispute
    and Direct Settlement

 

		(i)	Any disagreement or dispute that
                                                             arises between the Parties due to or as a result of this Master Service
                                                             Contract, or anything related (hereinafter the “Dispute”),
                                                             shall be resolved through the mechanisms indicated in this Clause,
                                                             subject to prior written notification from one Party to the other
                                                             regarding the existence of the Dispute (hereinafter the “Notice
                                                             of Dispute”).

 

		(ii)	The individuals authorized by CENIT
                                                              and ECOPETROL shall attempt to reach a direct settlement that definitively
                                                              resolves the Dispute, set out in writing, within sixty (60) Days
                                                              following the date the Notice of Dispute is sent. If the Parties
                                                              reach a direct settlement in writing pursuant to this provision,
                                                              it shall have the effects of a settlement and shall be confidential
                                                              in the terms of the confidentiality clause of this Master Service
                                                              Contract and shall not constitute an admission of liability or proof
                                                              thereof, unless expressly stipulated to the contrary. Also, documents
                                                              exchanged by the Parties as a result of the Dispute shall also be
                                                              confidential in the terms of the confidentiality clause of this
                                                              Master Service Contract.

 

		(iii)	If the term indicated in number
                                                               (ii) above expires without the Parties reaching a direct settlement
                                                               in writing, the Dispute shall be resolved according to the following
                                                               sections, as applicable.

 

    	34

    	 

    

 

Clause 24           Disputes
of a Technical Nature or regarding Review of Rates other than the Crude Oil Transportation Service.

 

Section 24.01Any Dispute of
a technical nature or that arises in the event of the provisions established in Section 5.05 of the General Conditions concerning
review of Rates other than those applicable to the Crude Oil Transportation Service, which cannot be settled directly according
to the procedure provided in Clause 23 of the General Conditions, shall be submitted to conciliation before the Conciliation Center
of the Chamber of Commerce of Bogota so that within thirty (30) Days following the date of expiration of the term indicated in
number (ii) of Clause 23 the Parties may endeavor to reach an agreement regarding the Dispute.

 

If
a conciliator is not appointed, he may be appointed at the request of either of the Parties by the director of the Arbitration
Center of the Bogota Chamber of Commerce.

 

	Clause
    25	Arbitration

 

Section
25.01   Without prejudice to the provisions of Clause 24, if the Dispute is not resolved through a direct settlement
and the Parties have exhausted the procedure set out in Clause 23, it shall be resolved definitively
by arbitration in accordance with the following provisions:

 

		(i)	The Tribunal shall consist of three
                                                             (3) arbitrators appointed by mutual agreement between the Parties.

 

		(ii)	If the Parties fail to designate
                                                              the arbitrators by mutual agreement within the period of twenty
                                                              (20) days from the date of the request to convene the Tribunal,
                                                              the arbitrators shall be appointed by the Arbitration and Conciliation
                                                              Center of the Bogota Chamber of Commerce from said Center’s
                                                              “A List” of arbitrators.

 

		(iii)	The Tribunal shall be based in
                                                               the city of Bogota, Capital District.

 

		(iv)	The proceedings shall be carried
                                                              out in Spanish.

 

		(v)	The arbitration shall be governed
                                                             by the rules set out in Colombian law for domestic institutional
                                                             arbitration and shall be administered by the Arbitration and Conciliation
                                                             Center of the Bogota Chamber of Commerce.

 

		(vi)	Upon accepting their appointments,
                                                              the arbitrators must declare their independence and impartiality
                                                              to act as arbitrators in the dispute to the Parties in writing.

 

		(vii)	The arbitration shall be arbitration
                                                               at law.

 

    	35

    	 

    

 

Section 25.02    Neither
Party may invoke the arbitration clause as the basis for:

 

		(i)	Avoiding or objecting to being impleaded
                                                             by the other Party in legal proceedings that affect one of the Parties,
                                                             and in respect to which an indemnity obligation exists under the
                                                             terms of this Master Service Contract.

 

		(ii)	Avoiding or making a legal objection
                                                              to a complaint in legal proceedings that affect one of the Parties,
                                                              and in respect to which an indemnity obligation exists under the
                                                              terms of this Master Service Contract.

 

		(iii)	Obstructing or hindering in any
                                                               way the indemnity rights set out in favor of the Parties in this
                                                               Master Service Contract.

 

	Clause
    26	Taxes
      

 

All national, departmental, district or
municipal taxes, contributions, rates, surcharges and duties that are levied due to the signing, execution and final settlement
of this Master Service Contract shall be the responsibility of the Party to which that payment corresponds by law.

 

	Clause
    27	Guarantees

 

Given that (i) CENIT is a subsidiary of
ECOPETROL and (ii) in addition to this Master Service Contract, ECOPETROL and CENIT have entered into an Operation, Maintenance
and Project Management Contract, the Parties agree that this Master Service Contract shall not create the obligation for either
Party to provide guarantees.

 

	Clause
    28	Notifications

 

		(i)	The communications and invoices to
                                                             be sent between CENIT and ECOPETROL by virtue of this Master Service
                                                             Contract shall be valid when made in writing and delivered, at the
                                                             election of the issuing party, by fax, e-mail or any other means
                                                             through which their having been sent and received may be verified
                                                             (with acknowledgment of receipt and verification by mail).

 

		(ii)	All communications shall be considered
                                                              received and shall enter into effect:

 

		(a)	On the date of receipt, if
                                                                   delivered personally, or

 

		(b)	Twenty-four (24) hours after
                                                                   the date of transmission, if transmitted by fax, e-mail or
                                                                   any other means through which their having been sent and received
                                                                   may be verified, provided that confirmation is received within
                                                                   the following eight (8) Days, whichever comes first.

 

    	36

    	 

    

 

		(iii)	Each Party may change its address
                                                               for the purposes set out in this Master Service Contract, subject
                                                               to making written notice to the other Party fifteen (15) Days prior
                                                               to the date indicated for the change.

 

		(iv)	All notices and communications that
                                                              the Parties must make with regard to the performance of this Contract
                                                              shall be made to the following addresses:

 

ECOPETROL

 

	Address	Carrera 7 No. 37 – 69 Piso 9 Edificio
    Teusacá
	Contact	Alvaro Castañeda Caro
	Telephone	2343491
	Fax	2343532
	City	Bogotá D.C.
	E-mail	alvaro.castañeda@ecopetrol.com.co

 

CENIT

 

	Address	Carrera 9 76 49 Piso 4
	Contact	Camilo Marulanda López
	Telephone	3198800
	Fax	3198700
	City	Bogotá D.C.
	E-mail	camilo.marulanda@cenit-transporte.com

 

	Clause 29	Domicile 

 

The contractual domicile for all legal
and procedural effects and purposes shall be the city of Bogota, Capital District.

 

	Clause 30	Applicable Law
    

 

For all effects and purposes, this Master
Service Contract shall be governed by the laws of the Republic of Colombia.  

 

	Clause 31	Entire Agreement
    and Amendments  

 

Section 31.01    Integrity.

 

		(i)	This Master Service Contract contains
                                                             the full and complete terms accepted and agreed by the Parties to
                                                             govern the legal transaction with respect to the Capacity Contracted
                                                             by ECOPETROL of the Assets, as well as the Services that CENIT shall
                                                             provide thereunder. The Parties mutually agree to fully invalidate
                                                             all agreements, pacts, contracts, understandings or dialogues that
                                                             they may have undertaken prior to the Date of Signature in relation
                                                             with the Services and Capacity Contracted by ECOPETROL.

 

    	37

    	 

    

 

		(ii)	The following documents form an
                                                              integral part of the Master Service Contract:

 

Chapter I –
Crude Oil Transportation Service

 

	ANNEX TC-1	Quality Specifications.
	 	 
	ANNEX TC-2	Pipelines.
	 	 
	ANNEX TC-3	CENIT Transporter Manual.
	 	 
	ANNEX TC-4	ECOPETROL Transporter Manual. 
	 	 
	ANNEX TC-5	Caño Limón–Coveñas Pipeline Transporter
    Manual.
	 	 
	ANNEX TC-6	Crude Oil Transportation Rates for each Pipeline.
	 	 
	ANNEX TC-7	Capacity Contracted by ECOPETROL for each Pipeline.
	 	 
	ANNEX TC-8	Pipeline Entry and Exit Points.
	 	 
	ANNEX TC-9	CENIT Measurement Manual.
	 	 
	ANNEX TC-10	Segregated Crude Oil by Pipeline.

 

Chapter III - Tank
Truck Crude Oil Unloading Service

 

	ANNEX DCC-1	Crude Oil Quality Specifications.
	 	 
	ANNEX DCC-2	Unloading Platforms.
	 	 
	ANNEX DCC-3	Crude Oil Unloading Rates.
	 	 
	ANNEX DCC-4	Operating and Unloading Standards.
	 	 
	ANNEX DCC-5	Capacity Contracted by ECOPETROL for each Unloading Platform.
	 	 
	ANNEX DCC-6	Unloading Platform Entry and Exit Points.
	 	 
	ANNEX DCC-7	CENIT Measurement Manual.

 

Chapter IV - Crude
Oil Loading Service at Ports

 

	ANNEX CCP-1	Ports.

 

    	38

    	 

    

 

	ANNEX CCP-2	Rates for Crude Oil Loading Services at Ports.
	 	 
	ANNEX CCP-3	Crude Oil Removal Procedure.
	 	 
	ANNEX CCP-4	Port Operations Regulations.
	 	 
	ANNEX CCP-5	CENIT Measurement Manual.
	 	 
	ANNEX CCP-6	Procedure for Resolving Delays.
	 	 
	ANNEX CCP-7	Capacity Contracted by ECOPETROL at Ports.
	 	 
	ANNEX CCP-8	Port Entry and Exit Points.
	 	 
	ANNEX CCP-9	Procedure for Scheduling Windows.
	 	 
	ANNEX CCP-10	Crude Oil Quality Specifications for Loading at Ports.
	 	 
	ANNEX CCP-11	MARPOL.

 

		(iii)	If any provision of this Master
                                                               Service Contract is prohibited, annulled, deemed inoperative or
                                                               cannot be enforced under applicable law, the remaining provisions
                                                               shall survive with full force and binding effect on the Parties,
                                                               unless the prohibited, annulled, inoperative or unenforceable provision
                                                               were essential to it, in such a manner that its interpretation
                                                               or enforcement would be impossible in the absence of said provision.
                                                               In this case, the Parties agree to negotiate a legally valid clause
                                                               in good faith with the same purpose as the annulled, inoperative
                                                               or unenforceable provision or provisions.

 

		(iv)	The termination of this Master Service
                                                              Contract shall not release the Parties from any obligation owed
                                                              to the other Party hereunder, nor from any loss, cost, damage, outlay,
                                                              expense or liability that may arise under this Master Service Contract
                                                              prior to or as a result of such termination.

 

Therefore, upon the termination
of this Master Service Contract, Clauses 1, 11, 12, 15, 16, 17, 23, 24, 25, 26 and 30, amongst others, shall survive.

 

Section 31.02    Amendments.
Only those amendments to this Master Service Contract and its Chapters and annexes which are recorded in a document signed
by both Parties shall be valid.

 

	Clause 32	Execution of the
    Contract 

 

The Master Service Contract shall only
be deemed executed once it has been signed.  

 

    	39

    	 

    

 

	Clause 33	Legal and Contractual
    Requirements for Performance 

 

The performance of the Master Service
Contract may only begin after the Commencement Date.

 

			

	Clause 34	Definitions

 

A

Additional Capacity: means capacity
in addition to the Firm Capacity for each of the Services to which ECOPETROL shall be entitled under the Master Service Contract
and which shall be calculated in BPCD. 

 

Affiliate: means: (i) any person
who directly or indirectly controls any of the Parties; (ii) a legal entity that is controlled directly by the Parties; (iii) a
legal entity that is controlled indirectly by either of the Parties through its subsidiaries. A situation of control shall be understood
to exist when the events set out in Article 261 of the Commercial Code take place.

 

API: means (i) the “American
Petroleum Institute” or (ii) a unit for measuring density, recognized around the world as one of the selling properties of
Hydrocarbons. It is defined as follows: API = 141.5/SG-131.5, where SG is specific gravity.

 

Assets: means the infrastructure
and/or assets transferred by ECOPETROL to CENIT on occasion of the assets transfer referred to in the Asset Contribution Contract.

 

Asset Contribution Contract: the
Contract through which ECOPETROL transfers infrastructure or assets that it owns, leases or licenses to CENIT.

 

ASTM: means the “American
Society for Testing Materials.”

 

Available Capacity: for a given
period, it is the difference between the effective capacity and the sum of: (i) the Owner’s Capacity, (ii) the Contracted
Capacity, and (iii) the Preferential Right.

 

Available Capacity of CENIT Assets:
for purposes of this Master Service Contract, for Pipelines, and for a given period, it means the difference between the Effective
Capacity and the sum of: (i) the Contracted Capacity and (ii) the Preferential Right, which is available for the transportation
of Crude Oil from third parties in exercise of the right to free access to Pipelines.

 

For the Caño Limón –
Coveñas Pipeline, according to the Caño Limón – Coveñas Pipeline Transporter Manual for the Transportation
Contract for Crude Oil Owned by OXY entered into by and between ECOPETROL and Occidental de Colombia Inc. and Occidental de Andina
Inc., it shall be understood that, for a determined period, it is the difference between the effective capacity and the sum of:
(i) the Owner’s Capacity, (ii) the Contracted Capacity and (iii) the Preferential Right, which is available for the transportation
of Crude Oil from third parties under the terms set out in the Caño Limón – Coveñas Pipeline Transporter
Manual.

 

For the other services it shall mean the
difference between the Effective Capacity and the Contracted Capacity in a given period.

 

    	40

    	 

    

  

B

 

Balance for Shipper: means the Volumetric
Balance for each of the Shippers that use the Pipeline.

 

It shall also mean the Volumetric Balance
for each of the Shippers or users of the other Services.

 

Barrel: a unit of volume for Crude
Oil equal to forty-two (42) United States gallons. Every gallon is equivalent to three liters and seven thousand eight hundred
and fifty-three ten-thousandths of a liter (3.7853).

 

Barrels per Calendar Day (BPCD): means
a unit of measurement of flow Rate with respect to the average value of a given period.

 

Barrels per Operational Day (BPOD):
means a unit of measurement of flow Rate with respect to the days actually operated.

 

 

C

 

Calendar Month: means the period
of time that begins at 00:00:01 hours on the first day of a calendar month and ends at 24:00 hours on the last day of the same
calendar month, always referring to Colombian time.

 

Calendar Year: means the term that
begins at 00:00:01 hours on January first (1st) of each year and ends on December thirty-first (31st) of
the same year at 24:00 hours, always referring to Colombian time.

 

Capacity Contracted by ECOPETROL:
means all of the capacity committed to ECOPETROL by CENIT for the provision of the Services by CENIT under the Master Service Contract,
including the Firm Capacity and Additional Capacity modalities.

 

CENIT: means the company CENIT Transporte
y Logística de Hidrocarburos S.A.S., as it is identified at the beginning of the Master Service Contract.

 

Claimant Party: means any of the
Parties entering into this Master Service Contract that initiates a claim or actions designed to collect indemnity. 

 

 

    	41

    	 

    

  

Commencement Date: means the date
that the Certificate of Commencement is signed or the date expressly provided therein.

 

Connection: means the installation
that allows the Delivery of Crude Oil to the Pipeline and/or the Removal of Crude Oil from the Pipeline.

 

Contracted Capacity: in accordance
with Resolution 18 1258 of 2010, it means the capacity committed for transportation between CENIT and the Shippers.

 

Contracted Capacity Subject to Availability:
for Crude Oil Transportation Service, it means the Contracted Capacity which CENIT commits to a Shipper, calculated in BPCD, subject
to the existence of Unused Capacity.

 

For Crude Oil Storage Service, Tank Truck
Crude Oil Unloading Service, Crude Oil Loading Services at Ports and Tank Truck Crude Oil Loading Service, it means the capacity
of the assets or infrastructure committed by CENIT through contracts for the provision of such services.

 

Coordination of Operations: means
the set of activities carried out by CENIT to control the development of the Crude Oil Transportation Program and to ensure its
implementation.

 

Crude Oil: Petroleum, as it is defined
in Article 1 of the Petroleum Code, which exists in liquid form in natural underground deposits and remains liquid at atmospheric
pressure after going through the surface separation facilities, as well as the products required to facilitate its transportation,
such as Diluents.

 

Crude Oil for Transportation: means
the Crude Oil delivered to the Pipeline for transportation. This category includes Inspected Crude Oils, both segregated or separated
from others, as well as those mixed with them, and in both cases they may be mixed with any other substance for transportation
purposes.

 

Crude Oil Loading Service at Ports:
means the Port services to be provided to ECOPETROL by CENIT at the Ports for ECOPETROL Crude Oil, the rules for which are included
in the General Conditions of this Master Service Contract, Crude Oil Loading Service at Ports Chapter (Chapter IV), and its annexes.

 

Crude Oil Storage Rate: means the
monetary compensation that ECOPETROL must pay to CENIT for the Crude Oil Storage Service.

 

Crude Oil Storage Service: means
the storage service for ECOPETROL Crude Oil, to be provided to ECOPETROL by CENIT, the rules for which are included in the General
Conditions of this Master Service Contract, Crude Oil Storage Service Chapter (Chapter II), and its annexes.

 

 

    	42

    	 

    

 

Crude Oil Transportation Program: the
program of Pipeline Operations for an Operation Month prepared by CENIT based on the transportation Nomination cycle.

 

For the Caño Limón –
Coveñas Pipeline, according to the Caño Limón – Coveñas Pipeline Transporter Manual for the Transportation
Contract for Crude Oil Owned by OXY and entered into by and between ECOPETROL, Occidental de Colombia Inc. and Occidental de Andina
Inc., it means the program of Pipeline Operations for an Operation Month prepared by CENIT based on the transportation Nomination
cycle. It specifies the use of the Effective Capacity, the volumes of Crude Oil entering at the Entry Points, and the volumes of
Crude Oil coming out of the system at the Exit Points.

 

For all other Services, it means the operating
program for Tanks, Unloading Platforms, loading at Ports and loading into tank trucks for an Operating Month prepared by CENIT
based on the transportation Nomination cycle and included in the Crude Oil Transportation Program.

 

Crude Oil Transportation Rate: the
single monetary value, per Barrel transported across a span, which CENIT charges all Shippers under equal conditions, and which
is the basis for paying the transportation tax in accordance with the provisions of Articles 56 and 57 of the Petroleum Code, as
regulated by Ministry of Mines and Energy Resolutions 12 4386 of 2010 and 12 4547 of 2010. The surcharges, rebates and discounts
set out in the Monetary Conditions shall be applied to this Rate.

 

For the Caño Limón –
Coveñas Pipeline, according to the Caño Limón – Coveñas Pipeline Transporter Manual for the Transportation
Contract for Crude Oil Owned by OXY and entered into by and between ECOPETROL, Occidental de Colombia Inc. and Occidental de Andina
Inc., it means the single monetary value, per Barrel transported across a span, which CENIT charges Shippers. The surcharges, rebates
and discounts set out in the Monetary Conditions shall be applied to this Rate.

 

Crude Oil Transportation Service:
means the transportation service for ECOPETROL Crude Oil through the Pipelines, to be provided to ECOPETROL by CENIT, the rules
for which are included in the General Conditions of this Master Service Contract, Crude Oil Transportation Service Chapter (Chapter
I), and its annexes.

 

 

D

 

Date of Signature: means the date
on which this Master Service Contract is signed, indicated at the beginning of the General Conditions in this Master Service Contract.

 

 

    	43

    	 

    

 

Day
or Days: shall be calendar day or calendar days, respectively.

 

Declared Value: means the value
of ECOPETROL Crude Oil at the moment that it is handed over to CENIT at the Entry Point.

 

Delivery: means the action by which
the custody of a volume of the Shipper’s Crude Oil is transferred to CENIT for transportation through the Pipeline.

 

For all other Services it means the action
by which the custody of a volume of the Shipper’s Crude Oil is transferred to CENIT for storage in Tanks, unloading at Unloading
Platforms, loading into tank truck, or loading at Ports.

 

Design Capacity: The anticipated
capacity for the Pipeline based on the properties of the Crude Oil and the specifications of the equipment and other related infrastructure
used for system design calculations. If the system design is modified to increase the design capacity, that shall be the new capacity.

 

For the other services it means anticipated
capacity, based on the properties of the Crude Oil and the specifications of equipment and other related infrastructure used to
calculate the design of the Tanks, Unloading Platforms, Ports and Loading Platforms.

 

Diluent: means the natural or refined
product that is mixed with heavy Crude Oil to bring it up to Quality Specifications in order to facilitate transportation through
each of the Pipelines.

 

For all other Services it means the natural
or refined product that is mixed with heavy Crude Oil to bring it up to Quality Specifications in order to facilitate storage in
Tanks, unloading at Unloading Platforms, loading into tank trucks or loading at Ports.

 

Dispute: It shall have the meaning
assigned to it in Section 23 (i) of the General Conditions of this Master Service Contract.

 

 

E

 

ECOPETROL: means ECOPETROL S.A.,
as it is identified at the beginning of this Master Service Contract.

 

ECOPETROL Crude Oil: means: (i)
the Crude Oil owned by ECOPETROL and its Affiliates (not including CENIT), (ii) the fuel-oil owned by ECOPETROL and its Affiliates
(not including CENIT), (iii) the Diluents owned by ECOPETROL and its Affiliates (not including CENIT) and (iv) any other product
that may technically be transported through the Pipeline owned by ECOPETROL and its Affiliates (not including CENIT), subject to
agreement with CENIT. 

 

 

    	44

    	 

    

 

Effective Capacity: means the average
maximum transportation capacity effectively made available. It is calculated as the product of the Nominal Capacity multiplied
by the Service Factor.

 

For the other Services, it means the average
maximum daily capacity that can effectively be made available. It is calculated as the product of the Nominal Capacity multiplied
by the Service Factor.

 

Entry Hub: means the set of facilities
located in a determined geographical area where the Shipper delivers the Crude Oil and at which a Span is started.

 

Entry Points: the exact Point in
the system of transportation, storage, tank truck unloading, loading at Ports, and tank truck loading at which CENIT takes custody
of the Crude Oil delivered by ECOPETROL at the Entry Hub. They are described in Annex TC-8 to the Crude Oil Transportation
Service Chapter, Annex DCC-6 to the Tank Truck Crude Oil Unloading Service Chapter and Annex CCP-9 to the Crude Oil
Loading at Ports Chapter.

 

Excessive Withdrawal: means the
volume of Crude Oil that has been withdrawn by a Shipper above the limits set out in the Crude Oil Transportation Program.

 

Exit Hub: means the set of facilities
located in a determined geographical area where the Shipper withdraws the Crude Oil from the Pipeline and at which a Span ends.

 

 

F

 

Final Station: means the Pipeline’s
final station.

 

Firm Capacity: means the capacity
that includes “Ship or Pay” and “Ship and Pay” modalities for each of the Services to which ECOPETROL is
entitled under the Master Service Contract, calculated in BPCD.

 

First Pumping Station: means the
Pipeline’s first station.

 

 

G

 

Gross Barrel: means the volume of
Crude Oil, including dissolved water, suspended water and suspended sediment, but excluding free water and bottom sediments, calculated
at standard conditions (60°F and 14.7 lbf/in2, or 15°C and 1.01325 bar).

 

 

    	45

    	 

    

 

H

 

Hydrocarbon Quality: means the set
of physicochemical characteristics that a volume of Crude Oil must have in order to be transported through the Pipeline under normal
conditions. These characteristics refer to: viscosity, API gravity, specific gravity, percent by weight of sulfur, pour point,
acidity, steam pressure, percent by volume of water, percent by weight of sediment and salt content, among other things.

 

This definition shall also include ECOPETROL
Crude Oil that is delivered for the other Services.

 

 

I

 

Identifiable Losses: losses of Crude
Oil that may be localized to a specific point along the Pipeline and which are attributable to specific events such as breakages,
spills, theft, force majeure, or acts of nature.

 

For the Caño Limón –
Coveñas Pipeline, according to the Caño Limón – Coveñas Pipeline Transporter Manual for the Transportation
Contract for Crude Oil Owned by OXY entered into by and between ECOPETROL, Occidental de Colombia Inc. and Occidental de Andina
Inc., it shall be understood as the losses of Crude Oil that may be localized to a specific point along the Pipeline and which
are attributable to specific events such as breakages, spills or Justified Events.

 

For all other Services, it means the losses
of Crude Oil that may be localized to a specific point in the Tank, Unloading Platform, Port, or Loading Platform and which are
attributable to specific events such as breakages, spills, theft, force majeure, or acts of nature.

 

Indemnifying Party: means any of
the Parties entering into this Master Service Contract that must indemnify the Claimant Party.

 

Information: Information classified
as confidential in accordance with the rules set out in Clause 18 of the General Conditions of this Master Service Contract.

 

Inspected Crude Oil: means Crude
Oil that has been treated, dehydrated, degassed, drained, settled, stabilized and measured at the inspection facilities approved
by the Ministry of Mines and Energy or the entity acting in its stead.

 

 

 

    	46

    	 

    

 

J

 

Justified Event: means any force
majeure events or circumstances, acts of nature, acts by third parties, or the exclusive fault of the victim and/or defects of
or inherent in the Crude Oil.

 

For the Caño Limón –
Coveñas Pipeline, pursuant to the Caño Limón – Coveñas Pipeline Transporter Manual for the Transportation
Contract for Crude Oil Owned by OXY entered into by and between ECOPETROL and Occidental de Colombia Inc. and Occidental de Andina
Inc., it shall be understood as an event or circumstance beyond CENIT’s control cases such as extraneous causes, force majeure,
acts of nature, actions by third parties or by the victim, labor disputes or any other type of actions by an organized labor force,
external war (whether declared or not), civil war, sabotage, revolution, insurrection, riot, civil disturbance, terrorism, unlawful
acts by third parties, epidemics, tornados, tsunamis, landslides, lightning, earthquakes, floods, storms, fire, adverse weather
conditions, expropriation, nationalization, laws, regulations, or orders by a competent authority, explosions, damage or accidents
involving machinery, equipment, piping, power transmission lines, or any other installations, embargos, the inability or delays
in obtaining equipment or materials and/or defects of or inherent in the Crude Oil.

 

 

L

 

Line Fill: means the entire volume
of Crude Oil that must be kept in the Pipelines permanently for operation.

 

Line Fill includes, but is not limited
to the unpumpable bottoms of Tanks and the line fill for processes and equipment.

 

For all other Services it means the entire
volume of Crude Oil that must be kept in the Tanks, Unloading Platforms and Ports for operation, including but not limited to the
unpumpable bottoms of Tanks and the line fill for processes and equipment.

 

 

M

 

Marketing Rate: means the monetary
compensation that ECOPETROL must pay to CENIT for its marketing of ECOPETROL’s Temporary Capacity Release. 

 

Master Service Contract: means the
General Conditions, their chapters, and the corresponding annexes.

 

Measurement Manual: means the document
that contains the general conditions for measuring Crude Oil, which is attached as Annex TC-9 to the Crude Oil Transportation
Service Chapter, DCC-7 and CCP-6 to the Crude Oil Loading Service at Ports Chapter, notwithstanding the provisions
of Sections 5.01 of Chapter I and 4.01 of Chapter III.

 

 

 

    	47

    	 

    

 

Minimum Firm Capacity Availability:
the minimum availability of ECOPETROL’s Firm Capacity that CENIT shall guarantee for each Asset. It shall be calculated
according to the formula set out in Section 3.03 of the General Conditions. 

 

Mixed Crude Oil or Mix: means the
combination of different Crude Oils before and/or after being delivered to the Pipeline for transportation.

 

For all other Services, it means the combination
of different Crude Oils before and/or after being delivered to the Tank, Unloading Platform, Port or Loading Platform.

 

Monetary
Conditions: means the tables or formulas for calculating the
surcharges and rebates for Hydrocarbon Quality, as well as the discounts that will apply to the Transportation Rate by Span for
commercial concepts.

 

 

N

 

Net Barrel: means the volume of
Crude Oil, excluding total water and total sediment, calculated at standard conditions (60°F and 14.7 lbf/in2, or
15°C and 1.01325 bar).

 

Nominal Capacity: means the maximum
transportation capacity between a Pumping Station and a Pipeline terminal, or between two Pumping Stations, calculated by considering
the equipment installed in the Pipeline and the anticipated Crude Oil quality for a determined period. It is expressed in BPOD.

 

For all other services it means the maximum
capacity calculated by considering the equipment installed and the anticipated Crude Oil quality for a determined period.

 

Nominated Capacity: means the volume
of Crude Oil that the Shipper or Third Party requests be transported through the Pipeline according to the communication sent to
CENIT during the respective Nomination month in accordance with the procedures set out in the Transporter Manual.

 

Nomination: a Service Request for
the Operational Month that specifies the required transportation volume, the Entry Hub, the Exit Hub and the Quality of the Hydrocarbon
being transported.

 

For the other Services it means the corresponding
Service request formalized by the Shipper for an Operation Month, which specifies the volume required for each Tank, Unloading
Platform, Port, and Loading Platform, the Entry Point, the Exit Point, Hydrocarbon Quality and the ownership of the Crude Oil for
which storage, unloading, loading at Ports and loading into tank trucks, respectively, has been requested.

 

    	48

    	 

    

 

 

Nomination Month: means the Calendar
Month during which the Nomination process is carried out, which shall take place two (2) Calendar Months prior to the Operational
Month.

 

Nonidentifiable Losses: the normal
losses inherent in the operation of the Services corresponding to the following, among other things:

 

		·	Mixing.

		·	Drainage.

		·	Undetected illegal extractions.

		·	Defects in meter factors.

		·	Volumetric contraction.

		·	Leaks/escapes in the valves.

		·	Evaporation.

		·	Minor leakages.

		·	Uncertainties inherent in the measurement
systems and associated instrumentation.

		·	Uncertainties inherent in laboratory analyses
related to the liquidation of volumes.

		·	Propagation of the uncertainties inherent
in internationally accepted procedures for the liquidation of volumes through static and dynamic measurement.

 

Notice of Dispute: shall have the
meaning assigned to it in Section 23 (i) of the General Conditions of this Master Service Contract.

 

Notice of Resumption: means the
written communication which CENIT shall send to ECOPETROL indicating the date on which the provision of the Service shall be resumed.

 

Notice of Suspension: means the
written communication which CENIT shall send to ECOPETROL indicating the date on which the provision of a Service shall be suspended.

 

 

O

 

Operational Month: means the Calendar
Month for which ECOPETROL has nominated each of the Services, and during which CENIT executes the Crude Oil Transportation Program
for each Pipeline, Tank, Unloading Platform, loading at Ports and loading into tank trucks.

 

Operations Agent or Agent: means
any individual or legal entity, whether public or private, with which technical and/or commercial relationships are maintained
in the provision of Pipeline Crude Oil Transportation Service, Crude Oil Storage Service, Tank Truck Crude Oil Unloading Service,
Crude Oil Loading Service at Ports and Tank Truck Crude Oil Loading Service.

 

Operation and Maintenance Contract:
The Contract through which ECOPETROL shall provide the operation, maintenance and complementary services for the infrastructure
owned by CENIT.

 

    	49

    	 

    

 

Owner: in the case of Pipelines
for private use, it is a set of operators or oil refining companies and their Affiliates, which the Colombian state allows to benefit
from the Pipeline pursuant with Article 45 of the Petroleum Code.

 

Owner’s Capacity: for Crude
Oil Transportation Service, it means the capacity necessary for a given period for the transportation of Crude Oil produced by
CENIT.

 

 

P

 

Party or Parties: means CENIT
or ECOPETROL, or both, according to the context in which the term is used.

 

Penalty Fee: means a charge in addition
to the Crude Oil Transportation Rate corresponding to a penalty for the Shipper’s non-compliance with the Delivery Schedule,
which shall be calculated as expressly indicated in the CENIT Transporter Manual.

 

Permanent Capacity Release: means
the ECOPETROL Firm Capacity released permanently according to the rules set out in Section 3.05 (ii) of the General Conditions
of this Master Service Contract.

 

Pipelines: all of the necessary
physical installations for the transportation of Inspected Crude Oil from the Entry Hubs to the Exit Hubs, including the piping,
pumping units, measuring stations, control systems and the Tanks to be used to operate the transportation system, among other things.

 

Pipeline Transportation Bulletin (PTB):
means the Web page where CENIT makes information available to Agents and other stakeholders specified in Ministry of Mines and
Energy Resolutions No. 18-1258 and No. 12-4386 of 2010, which regulate Crude Oil transportation by Pipelines and the methodology
for setting Rates, respectively, or those which modify or replace them.

 

Platforms: all of the physical installations
required for loading ECOPETROL Crude Oil onto tank trucks under the Master Service Contract.

 

Points of Exit: the exact Point in the system of
transportation, storage, tank truck unloading, loading at Ports and tank truck loading at which ECOPETROL takes the Crude Oil delivered
by CENIT at the Exit Hub and CENIT’s custody of the Crude Oil is brought to an end. They are described in Annex TC-8 to
the Crude Oil Transportation Service Chapter, Annex DCC-6 to the Tank Truck Crude Oil Unloading Service Chapter and Annex

 

    	50

    	 

    

 

 

CCP-9 to the Crude Oil Loading at
Ports Chapter.

 

Ports: the set of physical elements
that includes installations, access channels, facilities, and services which allow an area on the coast or a riverbank to be exploited
under conditions favorable for the execution of loading and unloading operations of all manner of vessels and the exchange of assets
with land, sea and/or river traffic. Port terminals, docks and piers are included within ports.

 

Port Operating Regulations: the
document that regulates the relations between CENIT and the Shippers for the most advantageous, safest and timely provision of
Port Services and the execution of the operations related thereto, approved by the Ministry of Transportation, along with its amendments
and additions.

 

Port Services: means the support
services required to attend to a tanker or vessel, carried out by port operators.

 

Pour Point: means the temperature
at which Crude Oil ceases to flow.

 

Project Management Contract: the
Contract through which CENIT shall assign project management.  

 

Preferential Right: means the power
of the National Government, exercised through the National Hydrocarbons Agency (ANH) or the entity appointed by it, over the Design
Capacity of Pipelines for private use for the transportation of royalty Crude Oil. This preference is limited to the Crude Oil
originating from the royalties from the production of the Owners or from the fields for which the pipeline was built. The Preferential
Right shall be for up to twenty percent (20%) of the Design Capacity.

 

Provisional Notice: means the notice
that CENIT shall make to ECOPETROL with regard to the damages or additional costs arising from non-compliance with ECOPETROL’s
obligations, or regarding its intention to remove and dispose of ECOPETROL Crude Oil to pay sums owed to CENIT by ECOPETROL and/or
to prevent operational interruptions in any of the Services.

 

Prudent
Industry Practices: means the practices generally followed by an experienced and prudent operator
and hydrocarbon transportation infrastructure maintenance entity in the United States of America, adapted for carrying out operations
in Colombia, where necessary, due to weather, topographical,
public order and socio-environmental conditions, as well as the known state of the Infrastructure. 

 

 

    	51

    	 

    

 

Q

 

Quality Specifications: means the
quality specifications that Crude Oil must meet for the performance of the Services, which are described in Annex TC-1 to
the Crude Oil Transportation Service Chapter, Annex DCC-1 to the Tank Truck Crude Oil Unloading Service Chapter, and Annex
CCP-1 to the Crude Oil Loading Service at Ports Chapter.

 

 

R

 

Rate for Crude Oil Loading Services
at Ports: means the monetary compensation that ECOPETROL must pay to CENIT for Crude Oil Loading Services at Ports.

 

Reasonable
Effort: means the reasonable and timely measures to be taken by a comprehensive hydrocarbon logistics and transportation service
provider, according to the demands of the profession and Prudent Industry Practices, in order to prevent a loss or its aggravation.

 

 

S

 

Scheduled Capacity: means the portion
of the Pipeline’s Effective Transportation Capacity assigned to each Shipper or Third Party requesting Crude Oil Transportation
Service in accordance with the provisions of the Transporter Manual.

 

For all other Services it means the portion
of Effective Capacity assigned to each Shipper or Third Party requesting the respective service.

 

Segregated Crude Oil: means Crude
Oil that, by agreement between CENIT and a Shipper, is to be transported through the Pipeline without being mixed with other Crude
Oil.

 

For all other Services, it means Crude
Oil that, by agreement between CENIT and a Shipper, is to be stored, unloaded, loaded into Tank Trucks or loaded at Ports without
being mixed with other Crude Oil.

 

Services: refers jointly to the
Crude Oil Transportation Service, the Crude Oil Storage Service, the Tank Truck Crude Oil Unloading Service and the Crude Oil Loading
Service at Ports as well as the Tank Truck Crude Oil Loading Service.

 

Service Factor: The percentage of
the Nominal Capacity effectively usable due to temporary operating and maintenance restrictions of the Pipeline and its related
and complementary facilities, calculated for a given period of time in which the effects of mechanical equipment not being available,
line maintenance programs and the number of days of the period considered must be taken into account.

 

For all other Services it means the percentage
of the Nominal Capacity effectively usable due to the temporary operating and maintenance restrictions of the Tanks, Unloading
Platforms, Ports, Loading Platforms and their related and complementary facilities, calculated for a given period of time, in which
the effects of mechanical equipment not being available, maintenance programs and the number of days of the period considered must
be taken into account.

 

Service Rate: refers jointly to
the Crude Oil Transportation Rate, Crude Oil Storage Rate, Tank Truck Crude Oil Unloading Rate, Rate for Crude Oil Loading at Ports,
and the Tank Truck Crude Oil Loading Rate.

 

Ship and Pay: means the modality
under which part of the Firm Capacity is committed, and by virtue of which ECOPETROL is only required to pay a Service Rate for
the volumes actually used within said capacity.

 

Ship or Pay: means the modality
under which part of the Firm Capacity is committed, and by virtue of which ECOPETROL is required to pay a Service Rate for the
committed volume, regardless of whether or not it actually uses said capacity.

 

Shipper: the party which contracts
the service and signs an agreement for any of the Services with CENIT. It shall be understood that the Shipper acts as the owner
of the Crude Oil to be transported, unloaded, stored, loaded at Ports and loaded into tank trucks unless specified to the contrary.
The ANH is included among the Shippers.

 

Short Withdrawal: means the volume
of Crude Oil that a Shipper has not withdrawn according to the Crude Oil Transportation Program.

 

Span: means the portion of the Pipeline
between an Entry Hub and an Exit Hub, which must have a Crude Oil Transportation Rate.

 

 

T

 

Tanks: The set of assets used to
store ECOPETROL Crude Oil.

 

Tank Truck Crude Oil Loading Rate: means
the monetary compensation that ECOPETROL must pay to CENIT for the Tank Truck Crude Oil Loading Service.

 

Tank Truck Crude Oil Loading Service:
means the tank truck loading service for ECOPETROL Crude Oil to be provided to ECOPETROL by CENIT, the rules for which are included
in the General Conditions of this Master Service Contract, Tank Truck Crude Oil Loading Service Chapter (Chapter V), and its annexes.

 

    	52

    	 

    

 

Tank Truck Crude Oil Unloading Rate:
means the monetary compensation that ECOPETROL must pay to CENIT for the Tank Truck Crude Oil Unloading Service at the Unloading
Platform.

 

Tank Truck Crude Oil Unloading Service:
means the tank truck unloading service to be provided to ECOPETROL by CENIT at the Unloading Platforms, the rules for which are
included in the General Conditions of this Master Service Contract, Tank Truck Unloading Service Chapter (Chapter III), and its
annexes.

 

Tanker Loading Units: the single-buoy
moorings licensed to CENIT and located at the different Ports for loading tankers, or those which replace them.

 

Temporary Capacity Release: means
the ECOPETROL Firm Capacity released temporarily according to the rules set out in Section 3.05 (i) of the General Conditions of
this Master Service Contract.

 

Term of Suspension: means the period
that commences on the date of the Notice of Suspension and ends on the date of the Notice of Resumption.

 

Term of Validity: It shall have
the meaning assigned to it in Section 4.01 of the General Conditions of this Master Service Contract.

 

Third Party: the person who owns
or has possession of the Crude Oil and requests the provision of the service through a Pipeline from CENIT.

 

For the Caño Limón –
Coveñas Pipeline, according to the Caño Limón – Coveñas Pipeline Transporter Manual for the Transportation
Contract for Crude Oil Owned by OXY and entered into by and between ECOPETROL, Occidental de Colombia Inc. and Occidental de Andina
Inc., it shall be understood as the person who owns or has possession of the Crude Oil and requests the provision of the service
through a Pipeline from CENIT, conditioned upon the Available Capacity of CENIT Assets.

 

For the other Services, it means the person
who owns or has possession of the Crude Oil and requests the provision of the Storage, Tank Truck Crude Oil Unloading, Crude Oil
Loading at Ports and Tank Truck Crude Oil Loading services from CENIT.

 

Followup Committee: means the committee
formed to track the performance of this Master Service Contract according to the rules set out in Clause 9 of the General Conditions.

 

Transportation Contract: means the
memorandum of understanding executed in writing between the Transporter and a Shipper, the purpose of which is or includes the
transportation of Crude Oil by Pipeline.

 

 

For the purposes of this document, the
Parties understand that the Transportation Contract includes the General Conditions of the Master Service Contract and Chapter
I on the Transportation of ECOPETROL’s Crude Oil.

 

Transporter’s Manual: the
document which contains information and CENIT’s operating and administrative procedures designed to regulate the operation
of the system in accordance with Article 6 of Ministry of Mines and Energy Resolution 18 1258 of July 14, 2010. It is attached
as Annex TC-3 and Annex TC-4 to the Crude Oil Transportation Service Chapter, as applicable in accordance with the
provisions of Section 7.03 of Chapter I.

 

For the Caño Limón–Coveñas
Pipeline, it is understood that it shall be governed by the Caño Limón – Coveñas Pipeline Transporter
Manual for the Transportation Contract for Crude Oil Owned by OXY entered into by and between ECOPETROL and Occidental de Colombia
Inc. and Occidental de Andina Inc. It is attached as Annex TC-5 to the Crude Oil Transportation Service Chapter.

 

Transportation Plan: means the projection
of the volumes to be transported through the Pipeline and of Unused Capacity in the medium and long term.

 

For all other Services, it means the projection
of volumes to be stored, unloaded, loaded at Ports and loaded into tank trucks and which are included in the Transportation Plan.

 

 

U

 

Unloading Platforms: all of the
physical installations required for unloading Crude Oil under the Master Service Contract.

 

Unused Capacity: means the unused
Effective Capacity, which consists of the sum of: (i) the Available Capacity of CENIT Assets, (ii) the Preferential Right not exercised
by the National Hydrocarbons Agency (ANH) (scheduled but not used or nominated), (iii) the unused Owner’s Capacity and (iv)
the unused Contracted Capacity (scheduled but not used or nominated).

 

 

V

 

Volume to be Transported: means
the Gross Standard Barrels delivered by the Shipper to CENIT at the Entry Point.

 

Volumetric Balance: means the balance
of the operations that CENIT shall carry out at the end of each Operating Month in order to establish the different amounts of
Crude Oil handled in the Pipeline and to determine the amount and distribution of Crude Oil losses.

 

It also refers to the balance of the operations
that CENIT shall carry out at the end of each Operating Month in order to establish the different amounts of Crude Oil handled
in the Tank, Unloading Platform, Port and Loading Platform.

 

 

W

 

Water and Sediment: means all material
that coexists with the Crude Oil without being part of it.

 

Withdrawal: means the act by which
CENIT returns a volume of Crude Oil to the Shipper, or to the entity that it designates, at the Exit Point, bringing its custody
to an end.

 

[SPACE INTENTIONALLY LEFT BLANK]

 

    	53

    	 

    

 

		Contrato
    Marco de Servicios para Crudos 

    Capítulo IV – Servicio de Cargue de Crudos en

Puertos	

 

Chapter
I

Transportation
of Crude Oil by Pipeline Service

 

In addition to the terms set forth in
the General Conditions of this Master Service Contract, the Parties agree that the Transportation Service shall be governed by
the following:

 

Clauses

 

	Clause 1	Scope of the Service

 

Section 1.01     This
Chapter and any annexes shall regulate the specific conditions for the provision of the Transportation Service for ECOPETROL Crude
Oil, in accordance with the General Conditions of the Master Service Contract.

 

Section 1.02      Description
of the Crude Oil Transportation Service. CENIT agrees to provide services to ECOPETROL, with respect to ECOPETROL Crude Oil
that has been nominated and delivered within the Capacity Contracted by ECOPETROL, including but not limited to those described
below:

 

		(i)	Receive
                                                             and accept the Nominations of ECOPETROL Crude Oil in accordance with
                                                             ECOPETROL requirements and pursuant to the rules pertaining to the
                                                             Capacity Contracted by ECOPETROL.

 

		(ii)	Receive
                                                              at each Entry Point the ECOPETROL Crude Oil that conforms to the
                                                              Quality Specifications contained in Annex TC-1 of this Chapter
                                                              on Crude Oil Transportation.

 

		(iii)	Transport,
                                                               custody, storage and decant the ECOPETROL Crude Oil through each
                                                               of the Pipelines listed in Annex TC-2 and to each
                                                               Exit Point, in accordance with the Nominations made by ECOPETROL
                                                               and accepted by CENIT.

 

		(iv)	Transport
                                                              the Segregated Crude Oil in accordance with the procedure and conditions
                                                              set forth in the CENIT Transporter Manual, including, but not limited
                                                              to, the Segregated Crude Oil specified in Annex TC-10.

 

		(v)	Make
                                                             available to ECOPETROL, at each Exit Point, the ECOPETROL Crude Oil.

 

		(vi)	Carry
                                                              out all activities related to Crude Oil Transportation Services
                                                              in this Chapter, in coordination with other operators providing
                                                              identical or similar services to CENIT and which are necessary in
                                                              order to meet the disposal requirements for ECOPETROL Crude Oil.

 

	Clause 2	Crude Oil Transportation
    Rate

 

		(i)	The Transportation Rates for ECOPETROL
                                                             Crude Oil are listed in Annex TC-6 and are the Rates in effect
                                                             for the year 2013.

 

    	54

    	 

    

 

Clause 3 Contractual Liability
Limits of CENIT 

 

For the purposes of the provisions of
Section 16.02 of the General Conditions of the Master Service Contract, in the event of loss of or damage to ECOPETROL Crude Oil
during the Crude Oil Transportation Service, the following contractual liability limit shall apply:

 

		(i)	For actual damages, CENIT shall
                                                                 pay compensation equivalent to seventy-five percent (75%) of
                                                                 the Declared Value of the Crude Oil for each Barrel that is lost
                                                                 or damaged.

 

		(ii)	For lost profits, CENIT shall
                                                                  pay compensation equivalent to twenty-five percent (25%) of
                                                                  the Declared Value of the Crude Oil for each Barrel that is
                                                                  lost or damaged.

 

		(iii)	These compensation limits
                                                                   shall not be applicable to events of fraud or gross negligence
                                                                   on the part of CENIT.

 

Clause 4 Transportation Tax

 

		(i)	Payment of the transportation
                                                                 tax shall be made to the beneficiaries by CENIT in its capacity
                                                                 as transporter. Nevertheless, the amount determined pursuant
                                                                 to the legal procedure in force shall be assumed by ECOPETROL
                                                                 in its capacity as Shipper and paid to CENIT.

 

		(ii)	The transportation tax shall
                                                                  be billed separately on a quarterly basis within no more than
                                                                  fifteen (15) days from the close of the volumetric compensation
                                                                  for quality of the last month of the quarter, through issuance
                                                                  of an invoice or equivalent document in Colombian pesos to ECOPETROL,
                                                                  taking as a basis the net volumes to which the volumetric compensation
                                                                  for quality has not been applied.

 

		(iii)	ECOPETROL agrees to irrevocably
                                                                   pay the invoice or equivalent document in Colombian pesos within
                                                                   fifteen (15) days from the submission of invoices or billing
                                                                   statements by CENIT. Objections to the invoice shall not interrupt
                                                                   the time period for payment thereof. Delays in the payment
                                                                   of invoices shall generate default interest in accordance with
                                                                   Section 6.07 of the General Conditions of the Master Service
                                                                   Contract.

 

		(vi)	For the purposes of payment of the
                                                              corresponding tax, the following shall be taken into account: (i)
                                                              total net volumes transported; and (ii) the payment quarters shall
                                                              be: January-March, April–June, July–September and October
                                                              – December.

 

In addition to the above,
for informational purposes, CENIT shall send on a monthly basis the estimated value of the transportation tax, by the last day
of the following month at the latest.

 

		(v)	Adjustments to the invoice or
                                                                 equivalent document shall be made when: (i) adjustments have
                                                                 been made to the amount charged to the Shipper deriving from
                                                                 the payment received by the Ministry of Mines and Energy; (ii) adjustments
                                                                 have been made as a result of objections to invoices, in accordance
                                                                 with the procedure stipulated by the Parties. Such adjustments
                                                                 shall be acknowledged and compared by CENIT against the values
                                                                 established in the immediately following quarterly payment.

 

    	55

    	 

    

 

Clause 5 Measurement

 

Section 5.01 Transition Policy. The
Parties agree that for the purposes of this Chapter, measurement shall be governed by the ECOPETROL Measurement Manual during
the first year, commencing as of the Date of Signature. From that moment on, the measurement shall be governed by the CENIT Measurement
Manual, which must ensure compliance with Prudent Industry Practices and in particular the API Manual of Petroleum Measurement
Standards.

 

ECOPETROL shall send to CENIT the ECOPETROL
Measurement Manual within the first five (5) days immediately following the Date of Signature.

 

Section 5.02 The Parties agree
that for the purposes of this Chapter, the dynamic measurement methodology shall be applied, in accordance with the Quality Specifications
for Crude Oil and the Measurement Manual which has been incorporated into this Master Service Contract as Annex TC-9 or
the ECOPETROL Measurement Manual, as applicable, in accordance with Section 5.01 of this Chapter.

 

Section 5.03 CENIT agrees to have
dynamic measurement devices on hand at the Entry Points and Exit Points of the Products throughout the validity period of the
Master Service Contract.

 

Section 5.04 Backup Measurement.
Notwithstanding the obligation of CENIT set forth in Section 5.02 of this Chapter, in cases where for whatever reason it is not
possible to apply the dynamic measurement methodology, the Parties agree that the static measurement methodology shall be applied
according to the Quality Specifications for Crude Oil and the Measurement Manual incorporated herein as Annex TC-9 of the
ECOPETROL Measurement Manual, as applicable, in conformity with Section 5.01 of this Chapter.

 

Section 5.05 Any disputes that
may arise between the Parties in connection with dynamic measurement or static measurement shall be resolved in accordance with
the procedures established in Clauses 23, 24 and 25 of the General Conditions of the Master Service Contract.

 

Clause 6 Procedures and Regulations
applicable to the Transportation Service 

 

The procedures and regulations set forth
below, attached hereto and which form an integral part of this Master Service Contract as an Annex, are the rules that govern
the operating conditions and Transportation Service for ECOPETROL Crude Oil. The provisions contained in the General Conditions
of the Master Service Contract and in this Chapter shall prevail with respect to the conditions established in the Annexes to
this Chapter. The procedures and rules are as follows: 

 

    	56

    	 

    

 

	 	(i)	Quality Specifications, incorporated into this Master
    Service     Contract as Annex TC-1.

 

		(ii)	Pipelines,
                                                                                    incorporated into this Master Service Contract
                                                                                    as Annex TC-2.

 

		(iii)	CENIT Transporter Manual,
                                                                   incorporated into this Master Service Contract as Annex
                                                                   TC-3.

 

		(iv)	ECOPETROL Transporter Manual,
                                                                  incorporated into this Master Service Contract as Annex TC-4.

 

		(v)	Caño
                                                                                                                                 Limón-Coveñas
                                                                                                                                 Pipeline
                                                                                                                                 Transporter
                                                                                                                                 Manual,
                                                                                                                                 incorporated
                                                                                                                                 into
                                                                                                                                 this
                                                                                                                                 Master
                                                                                                                                 Service
                                                                                                                                 Contract
                                                                                                                                 as
                                                                                                                                 Annex
                                                                                                                                 TC-5.

 

		(vi)	Crude Oil Transportation
                                                                  Rates for each Pipeline, incorporated into this Master Service
                                                                  Contract as Annex TC-6.

 

		(vii)	Capacity Contracted by ECOPETROL
                                                                   for each Pipeline, incorporated into this Master Service
                                                                   Contract as Annex TC-7.

 

		(viii)	Pipeline Entry and Exit
                                                                    Points, incorporated into this Master Service Contract
                                                                    as Annex TC-8.

 

		(ix)	CENIT Measurement Manual,
                                                                  incorporated into this Master Service Contract as Annex TC-9.

 

		(x)	Segregated Crude Oil by Pipeline,
                                                                 incorporated into this Master Service Contract as Annex TC-10.

 

Clause 7 Specific Provisions 

 

Section 7.01 CENIT Transporter Manual
and Master Service Contract. Once the CENIT Transporter Manual, or any changes thereto made during the term of the Master
Service Contract, have been published and sent to the Ministry of Mines and Energy or to the entity acting in its stead, the Parties
shall review the impact thereof on the Master Service Contract and make the corresponding changes allowable under applicable regulations.

 

Section 7.02 With respect to the
provisions set forth in the CENIT Transporter Manual, the Parties specifically agree as follows:

 

		(i)	The obligations stipulated in the
                                                             CENIT Transporter Manual, as they relate to the information necessary
                                                             for drafting the transportation plans and the Transportation Program,
                                                             shall only be binding on ECOPETROL as of the Commencement Date.

 

		(ii)	This Chapter and all other provisions
                                                              that govern the Transportation Service under the Master Service
                                                              Contract shall be understood to be the Transportation Contract.

 

    	57

    	 

    

 

		(iii)	For the purposes of applying the
                                                               terms of the CENIT Transporter Manual, the Contracted Capacity
                                                               of ECOPETROL under this Master Service Contract shall be understood
                                                               to mean the Firm Contracted Capacity.

 

		(iv)	Within a maximum of two (2) months
                                                              from the Date of Signature, CENIT shall notify ECOPETROL, for its
                                                              respective review and approval, of the following:

 

		(a)	The Volumetric Balance existing
                                                                   as of the Commencement Date.

 

		(b)	Line Fill data, so that CENIT
                                                                   may make the corresponding adjustments as of the Commencement
                                                                   Date.

 

		(v)	ECOPETROL shall not be required
                                                                 to pay a fee in addition to the Transportation Rate for Segregated
                                                                 Crude Oil Transportation Services that have been included in
                                                                 Annex TC-10.

 

Pursuant to the pertinent
provisions of the CENIT Transporter Manual with respect to the obligation to assume additional costs for such services, additional
costs shall only be applicable for new agreements entered into by the Parties after the Date of Signature and for Crude Oil not
expressly included in Annex TC-10.

 

		(vi)	For the purpose of the provisions
                                                                  of the CENIT Transporter Manual regarding Hydrocarbon Quality
                                                                  certifications, CENIT shall accept as valid existing certifications
                                                                  and all other information submitted to it by ECOPETROL as of
                                                                  the Commencement Date. Therefore, ECOPETROL shall only be required
                                                                  to renew such certifications on an annual basis as of the First
                                                                  (1st) day of January of 2014.

 

		(vii)	At the request of ECOPETROL,
                                                                   the Parties may define the terms and conditions for the provision
                                                                   of ECOPETROL Crude Oil Transportation Services bidirectionally
                                                                   via the Pipelines.

 

Section 7.03 Transition Policy. The
Parties agree that the Transportation Manual in

 

effect as of the Date of Signature shall
be applicable for Pipelines until the date of publication of the CENIT Transporter Manual and remittance thereof to the Ministry
of Mines and Energy or the entity acting in its stead.

 

[SPACE INTENTIONALLY LEFT
BLANK]

 

    	58

    	 

    

 

Chapter
II

Crude
Oil Storage Service 

 

In addition to the terms set forth in
the General Conditions of this Master Service Contract, the Parties agree that the Storage Service shall be governed by the following:

 

Clauses

 

Clause 1 Scope of the Service

 

Section 1.01 This Chapter
and any Annexes agreed to by the Parties shall regulate the specific conditions for the provision of the Storage Service for ECOPETROL
Crude Oil, in accordance with the General Conditions of the Master Service Contract.

 

Section 1.02 Description of
the Service

 

		(i)	CENIT agrees to provide services
                                                                 to ECOPETROL, with respect to ECOPETROL Crude Oil, including
                                                                 but not limited to those described below:

 

		(a)	Receive the ECOPETROL Crude Oil
                                                                to be stored for up to the Contracted Storage Capacity at the
                                                                Entry Point.

 

		(b)	Storage, custody and preservation
                                                                of ECOPETROL Crude Oil.

 

		(c)	Deliver to ECOPETROL or to the
                                                                party indicated by the latter the ECOPETROL Crude Oil at the Exit
                                                                Point.

 

(ii) The Crude Oil Storage Service referred
to in this Chapter is a service in addition to the storage activities required in order to ensure the provision of the Crude Oil
Transportation Services, Tank Truck Crude Oil Loading, Tank Truck Crude Oil Unloading and Crude Oil Loading at Ports, which services
are listed under the corresponding Rate Schedule.

 

Clause 2 Contracted Capacity
for Storage Service 

 

		(i)	As at the Date of Signature of this
                                                            Master Service Contract there is no Firm Contracted Capacity for the
                                                            Crude Oil Storage Service provided to ECOPETROL.

 

		(ii)	As a result of the above, any
                                                                  requirements that ECOPETROL may have for the Crude Oil Storage Service
                                                                  must be agreed upon by the Parties pursuant to the rules for
                                                                  Additional Capacity established in Section 3.06 of the General
                                                                  Conditions of the Master Service Contract.

 

    	59

    	 

    

 

Clause 3 Procedures and Regulations applicable
                                                            to the Crude Oil Storage Service 

 

The procedures and regulations
applicable to the Crude Oil Storage Service shall be those agreed upon by the Parties from time to time, taking into account CENIT’S
obligations as custodian.

 

[SPACE INTENTIONALLY LEFT
BLANK]

 

    	60

    	 

    

 

Chapter
III

Service:
Tank Truck Crude Oil Unloading 

 

In addition to the terms set forth in
the General Conditions of this Master Service Contract, the Parties agree that the Unloading Service shall be governed by the
following:

 

Clauses

 

Clause 1 Scope of the Service

 

Section 1.01 This Chapter and its
Annexes regulate the specific conditions for the provision of the Unloading Service for ECOPETROL Crude Oil pursuant to the General
Conditions of the Master Service Contract.

 

Section 1.02 Description of the Service.
CENIT agrees to provide services to ECOPETROL, with respect to the ECOPETROL Crude Oil that is nominated and delivered under
the Capacity Contracted by ECOPETROL, including but not limited to those described below:

 

		(i)	Receive and accept the Nominations
                                                            of ECOPETROL Crude Oil, in accordance with the requirements of ECOPETROL
                                                            and pursuant to the rules applicable to the Capacity Contracted by
                                                            ECOPETROL.

 

		(ii)	Receive at each Point of Entry the
                                                             ECOPETROL Crude Oil that meets the requirements of the Quality Specifications
                                                             set forth in Annex DCC-1 of this Chapter on Unloading of Crude
                                                             Oil from Tank Trucks.

 

		(iii)	Custody, storage and decant the
                                                              ECOPETROL Crude Oil at each of the Unloading Platforms listed
                                                              in Annex DCC-2 and to each Exit Point, in accordance
                                                              with the Nominations made by ECOPETROL and accepted by CENIT.

 

		(iv)	Handle the Crude Oil in accordance
                                                             with the agreements to be made by the Parties for the transportation
                                                             of Segregated Crude Oil, including, but not limited to, the Segregated
                                                             Crude Oil specified in Annex TC-10.

 

		(v)	Make available to ECOPETROL, at each
                                                            Exit Point, the ECOPETROL Crude Oil received by CENIT at the corresponding
                                                            Unloading Platform.

 

		(vi)	Carry out all activities related
                                                             to the Services under this Master Service Contract, in coordination
                                                             with other operators providing identical or similar services to CENIT
                                                             and which are necessary in order to meet the disposal requirements
                                                             for ECOPETROL Crude Oil.

 

    	61

    	 

    

 

Section 1.03 The Service for Tank
Truck Crude Oil Unloading referred to in this Chapter is a service in addition to the unloading activities required in order to
ensure the provision of the Crude Oil Transportation Services, Crude Oil Storage, Tank Truck Crude Oil Loading, and Crude Oil
Loading at Ports, which services are listed under the corresponding Rate Schedule.

 

Clause 2 Crude Oil Unloading
Rate 

 

(i) The Unloading Rates for
ECOPETROL Crude Oil are those listed in Annex DCC-3 and are the Rates in effect for the year 2013.

 

Clause 3 Contractual Liability
Limits of CENIT

 

For the purposes of the provisions of
Section 16.02 of the General Conditions of the Master Service Contract, in the event of loss of or damage to ECOPETROL Crude Oil
during the Tank Truck Crude Oil Unloading Service, the following contractual liability limit shall apply:

 

(i) For actual damages, CENIT
shall pay compensation equivalent to seventy-five percent (75%) of the Declared Value of the Crude Oil for each Barrel that is
lost or damaged.

 

(ii) For lost profits, CENIT
shall pay compensation equivalent to twenty-five percent (25%) of the Declared Value of the Crude Oil for each Barrel that is
lost or damaged.

 

(iii) These compensation limits
shall not be applicable to events of fraud or gross negligence on the part of CENIT.

 

Clause 4Measurement

 

Section 4.01 Transition Policy.
The Parties agree that for the purposes of this Chapter, measurement shall be governed by the ECOPETROL Measurement Manual during
the first year, commencing as of the Date of Signature. From that moment on, the measurement shall be governed by the CENIT Measurement
Manual, which must ensure compliance with Prudent Industry Practices and in particular the API Manual of Petroleum Measurement
Standards.

 

ECOPETROL shall send to CENIT the ECOPETROL
Measurement Manual within the first five (5) days immediately following the Date of Signature.

 

Section 4.02 The Parties agree
that for the purposes of this Chapter, the dynamic measurement methodology shall be applied, in accordance with the Quality Specifications
for Crude Oil and the Measurement Manual, which has been incorporated into this Master Service Contract as Annex DCC-7
or the ECOPETROL Measurement Manual, as applicable, in accordance with Section 4.01 of this Chapter.

 

    	62

    	 

    

 

Section 4.03 CENIT agrees to have
dynamic measurement devices on hand at the entry Points and exit Points throughout the validity period of this Master Service
Contract.

 

Section 4.04 Backup Measurement.
Without prejudice to the obligation of CENIT set forth in Section 4.02 of this Chapter, in cases where for whatever reason it
is not possible to apply the dynamic measurement methodology, the Parties agree that the static measurement methodology shall
be applied according to the Quality Specifications for Crude Oil and the Measurement Manual incorporated herein as Annex DCC-7
or the ECOPETROL Measurement Manual, as applicable, in conformity with Section 4.01 of this Chapter.

 

Section 4.05 Any disputes that
may arise between the Parties in connection with dynamic measurement or static measurement shall be resolved in accordance with
the procedures established in Clauses 23, 24 and 25 of the General Conditions of the Master Service Contract.

 

Clause 5 Procedures and Regulations
applicable to the Unloading Service 

 

The procedures and regulations set forth
below, attached hereto and which form an integral part of this Master Service Contract as an Annex, are the rules that govern
the operating conditions and Unloading of ECOPETROL Crude Oil. The procedures and rules are as follows: 

 

		(i)	Crude Oil Quality Specifications,
                                                             incorporated into this Master Service Contract as Annex DCC-1.

 

		(ii)	Unloading Platforms, incorporated
                                                              into this Master Service Contract as Annex DCC-2.

 

		(iii)	Crude Oil Unloading Rates,
                                                               incorporated into this Master Service Contract as Annex DCC-3.

 

		(iv)	Operating and Unloading Standards,
                                                              incorporated into this Master Service Contract as Annex DCC-4.

 

		(v)	Capacity Contracted by ECOPETROL
                                                             for each Unloading Platform, incorporated into this Master Service
                                                             Contract as Annex DCC-5.

 

		(vi)	Unloading Platform Entry and
                                                              Exit Points, incorporated into this Master Service Contract
                                                              as Annex DCC-6.

 

		(vii)	CENIT Measurement Manual,
                                                               incorporated into this Master Service Contract as Annex DCC-7.

 

[SPACE INTENTIONALLY LEFT BLANK]

 

    	63

    	 

    

 

Chapter
IV

Crude
Oil loading at ports 

 

In addition to the terms set forth in
the General Conditions of this Master Service Contract, the Parties agree that the Crude Oil Loading Service at Ports shall be
governed by the following,

 

Clauses

 

Clause 1 Scope of the Crude
Oil Loading Service at Ports

 

Section 1.01 This Chapter and its
Annexes regulate the specific conditions for the provision of the Crude Oil Loading Service at Ports for ECOPETROL Crude Oil pursuant
to the General Conditions of the Master Service Contract.

 

Section 1.02 Description of the Crude
Oil Loading Service at Ports. CENIT agrees to provide to ECOPETROL services including but not limited to those listed below,
with respect to the ECOPETROL Crude Oil that is delivered by ECOPETROL and received by CENIT:

 

		(i)	Receive the ECOPETROL Crude Oil that arrives at the Ports
through the Pipelines. Similarly, receive the ECOPETROL Crude Oil that arrives at the Ports through any other means, provided
that the infrastructure required for receipt thereof is installed.

 

		(ii)	Necessary storage of ECOPETROL
Crude Oil.

 

		(iii)	Ensure the quality of ECOPETROL Crude Oil in accordance
with the specifications agreed by the Parties, the provisions of this Chapter and Annex CCP-10.

 

		(iv)	Handle, pump, decant and load onto tankers for export or
                                                              coastal shipping at the Ports specified in Annex CCP-1 ECOPETROL
                                                              Crude Oil within the Contracted Capacity.

 

		(v)	Schedule timeframes at the Tank Loading Units.

 

		(vi)	Port Services for tankers arriving at the Ports.

 

Clause 2           Service
Conditions

 

		(i)	The effective provision of the
                                                                Crude Oil Loading Service at Ports discussed in this Chapter shall
                                                                be subject to:

    	64

    	 

    

 

		Contrato
        Marco de Servicios para Crudos

        Capítulo
        V – Servicio de Cargue de Crudos en

Carrotanques
	

 

		(a)	Approval by the respective authority
                                                               of the transfer of the respective concession contracts or of equivalent
                                                               rights, whichever is applicable to CENIT, with respect to the Ports
                                                               discussed in Annex CCP-1.

 

		(b)	CENIT obtaining the respective
                                                                 licenses, permits and authorizations to act as concessionaire.

 

		(ii)	During such time as the port
                                                                 concessions overseen by CENIT are operating under the private
                                                                 port system, and if for any reason a competent authority were
                                                                 to modify the interpretation of the concept of “Legally
                                                                 and Economically Bound Party” referred to in Law 1 of 1991,
                                                                 thereby affecting the ECOPETROL’S rights to access the
                                                                 Ports contracted pursuant to this Chapter, CENIT shall be required
                                                                 to promptly modify the port concession contracts in order to
                                                                 guarantee the Services under such contracts.

 

(iii)     Unless
expressly agreed otherwise between the Parties, any modification to the concession contracts or to the Port authorization terms
shall not result in a modification to the access rights and terms in favor of ECOPETROL set forth in this Master Service Contract.

 

Clause 3      Service
Rate for Crude Oil Loading at Ports

 

(i) The Service Rates for
Loading Crude Oil at Ports are the rates set forth in Annex CCP-2 and are the rates in effect for the year 2013.

 

(ii) Rates for Port Services
shall be billed according to Port Operating Regulations.

 

Clause 4      Contractual
Liability Limits of CENIT

 

For the purposes of the provisions of
Section 16.02 of the General Conditions of the Master Service Contract, in the event of loss of or damage to ECOPETROL Crude Oil
during the Loading of Crude Oil at Ports Service, the following contractual liability limit shall apply:

 

		(i)	For actual damages, CENIT shall pay compensation equivalent to
                                                             seventy-five percent (75%) of the Declared Value of the Crude Oil
                                                             for each Barrel that is lost or damaged.

 

		(ii)	For lost profits, CENIT shall pay compensation equivalent to
                                                              twenty-five percent (25%) of the Declared Value of the Crude Oil
                                                              for each Barrel that is lost or damaged.

 

		(iii)	These compensation limits shall not be applicable to events
                                                               of fraud or gross negligence on the part of CENIT.

 

    	65

    	 

    

 

		Contrato
        Marco de Servicios para Crudos

        Capítulo
        V – Servicio de Cargue de Crudos en

Carrotanques
	

 

Clause 5 Procedures and Regulations
applicable to the Crude Oil Loading at Ports Service 

 

Section 5.01 The procedures and
regulations set forth below, attached hereto and which form an integral part of this Master Service Contract as an Annex, are
the rules that govern the operating conditions and Port service. The procedures and rules include, but are not limited to:

 

		(i)	Ports, which forms part of
                                                            this Master Service Contract as Annex CCP-1.

 

		(ii)	Rates for Crude Oil Loading Services
                                                             at Ports, which forms part of this Master Service Contract as
                                                             Annex CCP-2.

 

		(iii)	Crude Oil Removal Procedure,
                                                              which forms part of this Master Service Contract as Annex CCP-3.

 

		(iv)	Port Operations Regulations,
                                                             which form part of this Master Service Contract as Annex CCP-4.

 

		(v)	CENIT Measurement Manual, which
                                                            forms part of this Master Service Contract as Annex CCP-5.

 

		(vi)	Procedure for Resolving Delays,
                                                             which forms part of this Master Service Contract as Annex CCP-6.

 

		(vii)	Capacity Contracted by ECOPETROL
                                                              at Ports, which forms part of this Master Service Contract as
                                                              Annex CCP-7.

 

		(viii)	Port Entry and Exit Points,
                                                               which forms part of this Master Service Contract as Annex CCP-8.

 

		(ix)	Procedure for Scheduling Windows,
                                                             which forms part of this Master Service Contract as Annex CCP-9.

 

		(x)	Crude Oil Quality Specifications
                                                            for Loading at Ports, which forms part of this Master Service
                                                            Contract as Annex CCP-10.

 

		(xi)	MARPOL: International Convention
                                                             for the Prevention of Pollution from Ships, published in London on
                                                             November 2, 1973 and approved by the Colombian Congress through Law
                                                             12 of 1981, its amendments and additions, which forms part of this
                                                             Master Service Contract as Annex CCP-11.

 

Section 5.02 Considering that as
of the Date of Signature CENIT is not the owner of the port concessions that have currently been awarded to ECOPETROL, the Parties
agree to execute the Annexes listed in this Master Service Contract within a period not to exceed six (6) months from the Date
of Signature hereof.

 

Section 5.03 Notwithstanding the
foregoing, and in the event that the transfer of the port concessions by ECOPETROL to CENIT is realized, the Parties shall review
the Annexes listed in this Chapter within a period of two (2) months from the assignment date of the port concessions and shall
make any necessary changes.

 

    	66

    	 

    

 

		Contrato
        Marco de Servicios para Crudos

        Capítulo
        V – Servicio de Cargue de Crudos en

Carrotanques
	

 

[SPACE INTENTIONALLY LEFT
BLANK]

 

    	67

    	 

    

 

		Contrato
        Marco de Servicios para Crudos

        Capítulo
        V – Servicio de Cargue de Crudos en

Carrotanques
	

 

Chapter
V

Service:
Tank Truck Crude Oil Loading 

 

In addition to the terms set forth in
the General Conditions of this Master Service Contract, the Parties agree that the Loading of Crude Oil onto ECOPETROL Tank Trucks
shall be governed by the following,

 

Clauses

 

Clause 1 Scope of the Service

 

Section 1.01 This Chapter and any
Annexes that may be executed by the Parties in the future regulate the specific conditions for the provision of the Service for
Loading ECOPETROL Crude Oil onto Tank Trucks pursuant to the General Conditions of the Master Service Contract.

 

Section 1.02 Description of the
Service. CENIT agrees to provide to ECOPETROL, with respect to ECOPETROL Crude Oil, services including but not limited to
those listed below:

 

(i) Make available to ECOPETROL,
at each Exit Point, the ECOPETROL Crude Oil;

 

(ii) Perform the loading of
ECOPETROL Crude Oil into Tank Trucks at each Exit Point.

 

Clause 2 Contracted Capacity for
Loading Crude Oil onto Tank Trucks  

 

(i) As of the Date of Signature
of this Master Service Contract, there is no Contracted Capacity for the Tank Truck Crude Oil Loading Service for ECOPETROL.

 

(ii) As a result of the above,
any requirements ECOPETROL may have for the Tank Truck Crude Oil Loading Service must be agreed upon by the Parties pursuant to
the rules for Additional Capacity established in Section 3.06 of the General Conditions of the Master Service Contract.

 

Clause 3 Procedures and Regulations
applicable to the Tank Truck Crude Oil Loading Service 

 

The procedures and regulations applicable
to the Tank Truck Crude Oil Loading Service shall be those that may be agreed upon by the Parties from time to time. The provisions
contained in the General Conditions of the Master Service Contract and in this Chapter shall prevail with respect to the conditions
established in the Annexes to this Chapter.

 

[SPACE INTENTIONALLY LEFT
BLANK]

 

    	68Exhibit 4.7

 

	 	Master Service Contract for Products

General Conditions	 

 

Master
Service Contract for Products

 

This agreement (hereafter the
“Master Service Contract”) for the transportation of products, storage of products, loading of Products
into Tank Trucks and unloading of products in ports for “ECOPETROL Products” (term defined in Clause 33 of
the General Conditions of this Master Service Contract), is signed April 1, 2013 (hereafter the “Date of
Signature”), by and between,

 

		1.	CENIT TRANSPORTE Y LOGÍSTICA DE HIDROCARBUROS S.A.S., a Colombian commercial corporation
and type of simplified joint stock company, domiciled in Bogota, D.C., incorporated through a private document dated June fifteenth
(15th), 2012, registered in the commercial registry on June fifteenth (15th), 2012, with commercial registration
number 02224959, represented for the purpose of entering into this Master Service Contract by Camilo Marulanda López,
identified by the title below his signature, authorized for such purposes by the Board of Directors as provided for under Meeting
Minutes No. 8 of February twenty-first (21st), 2013 (hereafter “CENIT”); and

 

		2.	ECOPETROL S.A., a mixed economy company linked to the Ministry of Energy and Mines,
                                                                   with its principal domicile in Bogota, Capital District, with Tax Identification Number 899.999.068-1, represented
                                                                   for the purpose of entering into this Master Service Contract by Javier Genaro Gutierrez Pemberthy, identified by the
                                                                   title below his signature, acting in his capacity as President, with authority to sign this Master Service Contract as
                                                                   provided for under the Manual for Delegation of Authority for ECOPETROL S.A. (hereafter,
                                                                   “ECOPETROL”).

 

Based on the foregoing conditions, CENIT
and ECOPETROL (together the “Parties” and, individually, a “Party” or the “Party”),
hereby affirm that they have entered into this Master Service Contract, taking into account the following

 

Recitals

 

		1.	ECOPETROL engages in activities related to the exploration, production, refining and transport
of hydrocarbons, which are characterized as public utilities in accordance with the provisions set forth in Article 4 of the Petroleum
Code.

 

		2.	ECOPETROL, prior to the Date of Signature, had infrastructure, either owned by it or held under
a concession, for the loading, transport and storage of Products.

 

		3.	ECOPETROL, likewise (i) subject to available capacity for the assets referred to in the previous
article and (ii) pursuant to authorizations under the law or current concession contracts, had been providing, prior to the Date
of Signature, transportation, storage and loading services for Products owned by third parties.

 

    	1

    	 

    

 

		4.	ECOPETROL, individually, currently has in concession and/or under a licensing regime, private service
port infrastructure, for exclusive use by it and its legal and financial entities, as provided for under law.

 

		5.	By virtue of the authorization contained in Decree 1320 of 2012, ECOPETROL formed the corporation
CENIT as a subsidiary of ECOPETROL, specializing in providing transportation, storage and logistics services for hydrocarbons,
derivatives, products and related items in Colombia or abroad.

 

		6.	ECOPETROL (i) as part of the formation and effective start-up of CENIT and (ii) in its capacity
as CENIT’s sole partner, carried out through an Asset Contribution Contract (a defined term in Clause 3 of the General
Conditions of this Master Service Contract) (a) the contribution of assets associated with the transportation of Products owned
by ECOPETROL (hereafter the “Assets”) and (b) committed to undertake the processes aimed at the assignment of
port concession contracts related to the import and export of Crude and its Products to CENIT, under the terms as determined and
approved by the Competent Authority.

 

		7.	In accordance with the provisions of ECOPETROL’s Procurement Manual, the entering into of
this Master Service Contract is derived from a direct procurement process based on the following specific and special conditions
of CENIT: (i) to be the beneficiary of the transfer of the Assets, according to provisions in the foregoing recitals and (ii) be
the sole provider of the Services that are contemplated by this Master Service Contract, through Assets contributed by ECOPETROL.

 

		8.	This Master Service Contract shall establish the terms under which ECOPETROL will contract capacity
for the Assets, taking into account ECOPETROL’s status as a petroleum exploration, production and refining company, pursuant
to the provisions of Article 45 of the Petroleum Code.

 

		9.	The Parties, through agreements separate from this Master Service Contract, defined the terms and
conditions under which ECOPETROL committed to assign to CENIT the rights and obligations in force as of the date of transfer of
the Assets, particularly with relation to services provided to third parties, binational agreements, operating agreements and financial
and social commitments associated with them.

 

		10.	CENIT is in compliance with its obligations concerning systems for health, professional risk, pension
and contributions to Family Compensation Funds, the Colombian Institute of Family Welfare and the National Learning Service, with
regard to all of its employees in Colombia. To confirm this, it provided ECOPETROL with a certificate attesting to the foregoing,
issued by CENIT’s internal auditor.

 

		11.	CENIT is not listed in the Fiscal Debtor Bulletin prepared by the Colombian National Comptroller’s
Office as an entity that has received a final tax liability decision and failed to comply with the obligation therein.

 

Based on the foregoing recitals, the Parties
have agreed to enter into this Master Service Contract, which shall be subject to the following

 

    	2

    	 

    

 

General
Conditions

 

		Clause 1	Interpretation

 

		Section 1.01	Interpretation

All capitalized terms in this Master Service
Contract shall have the meaning indicated in Clause 32 of the General Conditions, or as expressly set forth herein. Definitions
shall apply to the General Conditions of the Master Service Contract, its Chapters and Chapter annexes, as well as to any supplementary
agreement signed, except where otherwise provided. The meanings set forth for defined terms herein shall be applicable both for
singular and plural forms, and feminine, masculine or gender-neutral defined terms shall include all other genders.

 

		Section 1.02	Interpretation Criteria

In the event there is a contradiction between
the provisions contained in the General Conditions of this Master Service Contract, its Chapters and annexes hereof, in accordance
with the Service in question, the order of prevalence regarding its interpretation shall be as follows:

 

		(i)	Chapters excluding their annexes.

 

		(ii)	Clauses of the General Conditions of the Master Service Contract, excluding their annexes.

 

		(iii)	Annexes.

 

		Clause 2	Object

 

Section 2.01

The object of this Master Service Contract
is to regulate the comprehensive provision of Services by CENIT to ECOPETROL, with respect to ECOPETROL Products. CENIT shall provide
Services with full technical, financial and administrative autonomy in exchange for payment of Rates by ECOPETROL and in accordance
with the Service provided.

 

Notwithstanding the provisions of this
Master Service Contract, the scope, terms and specific conditions for the provision of each of the contracted Services are regulated
in Chapters I, II, III and IV.

 

Section 2.02

In order to ensure the comprehensive provision
of Services contemplated herein for ECOPETROL, CENIT may utilize at its discretion:

 

		(i)	The Assets listed in the descriptive annexes corresponding to each of the Chapters I, II, III and
IV of this Master Service Contract, or

 

    	3

    	 

    

 

		(ii)	All additional or supplementary infrastructure that is developed, acquired, transferred, leased and/or that CENIT has available following the Date of Signature hereof, that is related to and/or incidental to the
Assets referenced in (i) above and that is necessary or advisable to ensure the provision of the Services contemplated in this
Master Service Contract. The Parties understand that the infrastructure referred to in this sub-paragraph shall not include the
infrastructure referenced in Section 2.03 of the General Conditions of this Master Service Contract.

 

Section 2.03

This Master Service Contract may include
the provision of Services regarding:

 

		(i)	All infrastructure that following the execution of this Master Service Contract is acquired by
and/or becomes available to CENIT, and that:

 

		(a)	Is not listed in the annexes for Chapters I, II, III and IV of this Master Service Contract, and,

 

		(b)	Is not necessary or advisable to ensure the provision of the Services contemplated in this Master
Service Contract. With respect to such infrastructure, CENIT agrees to offer access to such infrastructure to ECOPETROL, under
identical conditions as would be offered to any other CENIT client, per the terms as set forth in the regulation, as applicable,
except in the case of business transactions tailored to meet the particular requirements of a third party.

 

		(ii)	All infrastructure that following the execution of this Master Service Contract is assigned to
CENIT in its capacity as concessionaire and that:

 

		(a)	Is not included in the annexes for Chapters I, II, III and IV of this Master Service Contract,
and,

 

		(b)	Is not necessary or advisable to ensure the provision of the Services contemplated in this Master
Service Contract. With respect to this, CENIT agrees to provide access to such infrastructure to ECOPETROL, under identical conditions
as would be offered to any other CENIT client, per the terms as set forth in the regulation, as applicable, except in the case
of business transactions tailored to meet the particular requirements of a third party.

 

In each specific instance, CENIT and ECOPETROL
shall define the terms under which the respective services shall be included in this Master Service Contract.

 

		Clause 3	ECOPETROL’s Contracted Capacity

 

Section 3.01

For the comprehensive provision of Services,
CENIT agrees to guarantee for ECOPETROL the Firm Capacity for transportation, storage and loading of ECOPETROL Products under the
terms set forth in Section 3.03.

 

    	4

    	 

    

 

Section 3.02

Notwithstanding the special considerations
provided for in Chapters I, II, III and IV of this Master Service Contract, ECOPETROL’s Contracted Capacity shall include
the modality of Firm Capacity and Additional Capacity.

 

Section 3.03

Notwithstanding the provisions in Sections
3.04, 3.05, and 3.07, CENIT warrants to ECOPETROL that for the effective term of the Master Service Contract, it shall maintain
availability of its Firm Capacity for each Asset at an amount that is no less than the figure resulting from the following formula:

 

Minimum Availability of Firm
Capacity = 0.9 x FC x (365 – S)

 

Where,

 

		·	FC is the Firm Capacity for each Asset; and

		·	S is the number of Days the applicable Service will be suspended due to a Justified Event.

 

Such verification will be carried out on
an annual basis. Only during 2013, the Minimum Firm Capacity Available for each Asset shall be calculated using the following formula:

 

Minimum Firm Capacity
Available = 0.9 x FC x (270 – S)

 

		Section 3.04	Firm Capacity

 

		(i)	Upon execution of this Master Service Contract, ECOPETROL shall have a Firm Capacity for each of
the Assets, as specified in the annexes to Chapters I, II, III and IV of this Master Service Contract.

 

		(ii)	With respect to Firm Capacity:

 

		(a)	As specified in the annexes to Chapters I, II, III, IV and V of this Master Service Contract, ECOPETROL
shall have a portion of such capacity under the “Ship or Pay” modality, pursuant to the definition contained in Clause
32 of the General Conditions of this Master Service Contract.

 

		(b)	As specified in the annexes to Chapters I, II, III, IV and V of this Master Service Contract, ECOPETROL
shall have a portion of such capacity under the “Ship and Pay” modality, pursuant to the definition contained in Clause
32 of the General Conditions of this Master Service Contract.

 

		(c)	As a result of the provisions set forth in sub-paragraphs (a) and (b) above:

 

		1.	The sum total of contracted capacities under the “Ship or Pay” and “Ship and Pay”
modalities amounts to one hundred percent (100%) of the Firm Capacity contracted by ECOPETROL.

 

    	5

    	 

    

 

		2.	Firm Capacity contracted under the “Ship or Pay” modality and Firm Capacity contracted
under the “Ship and Pay” modality shall comprise percentages of the total Firm Capacity, based on the specifications
in the annexes to the respective Chapters of this Master Service Contract. As of the Date of Signature, such percentages equal
seventy-seven percent (77%) for the “Ship or Pay” modality and twenty-three percent (23%) for the “Ship and Pay”
modality. In the case of the Transportation of Products for the contingency situations specified in Section 1.02 (iii) in Chapter
1 and in Tank Truck Product Loading Service specified in Section 1.01 (i) of Chapter III, the payment modality shall be “Ship
and Pay,” provided that it deals with transactions for replacement and rotation of Strategic Inventory.

 

		Section 3.05	Specific rights concerning Firm Capacity

ECOPETROL shall be entitled to release
and/or assign in whole or in part the Firm Capacity, based on the rules set forth below:

 

		(i)	Temporary Firm Capacity Release under “Ship or Pay” modality:

 

		(a)	ECOPETROL may at any point make the Firm Capacity under the “Ship or Pay” modality available
to CENIT, either fully or in part, on a temporary basis.

 

It shall be understood that
ECOPETROL releases such capacity in the following situations:

 

		1.	When ECOPETROL notifies CENIT by any means of the volumes it releases and the time for which the
capacity release will be effective.

 

		2.	When ECOPETROL fails to nominate volumes within the Firm Capacity, in which case the release time
shall be understood to be the respective Operational Month;

 

		3.	When ECOPETROL fails to use all or part of its Scheduled Capacity, in which case the release time
shall be understood to be the respective Day.

 

		(b)	For Temporary Capacity Release the Parties shall agree on the procedure for ensuring its marketing.
However, CENIT shall always have the first opportunity to market the Temporary Capacity Release, for which it shall put forth its
best efforts during the time agreed upon by the Parties for each situation.

 

    	6

    	 

    

 

		(c)	It is understood that CENIT shall offer the Temporary Capacity Release to third parties at such
time as CENIT’s Available Asset Capacity is exhausted.

 

		(d)	ECOPETROL shall not be required to pay the Service Rate with regard to any Temporary Capacity Release
that CENIT or ECOPETROL successfully markets to a third party.

 

		(e)	ECOPETROL shall pay a Service Rate on the Temporary Capacity Release when CENIT or ECOPETROL are
unable to market such Temporary Capacity Release.

 

		(f)	With regard to ECOPETROL’s Temporary Capacity Releases which CENIT successfully markets,
ECOPETROL shall remit to CENIT a Marketing Rate to be agreed by the Parties and shall not be required to pay any additional Rate.
In any event, the amount of the Marketing Rate agreed by the Parties shall not be greater than:

 

		1.	For released and marketed capacities of up to twenty thousand (20,000 BPCD) Barrels per Calendar
Day, the Marketing Rate shall not exceed ten percent (10%) of the Service Rate corresponding to the Asset(s) subject to temporary
release by ECOPETROL.

 

		2.	For released and marketed capacities in excess of twenty thousand (20,000 BPCD), the Marketing
Rate shall not exceed seven percent (7%) of the Service Rate corresponding to the Asset(s) subject to temporary release by ECOPETROL.

 

		(g)	CENIT shall not be required to accept nominations from ECOPETROL with respect to the Temporary
Capacity Release, except in the event that it has not successfully marketed such Temporary Capacity Release.

 

		(h)	In those cases where various users release capacity for the respective Asset and CENIT markets
a portion of such Temporary Capacity Release, for purposes of applying the rules set forth in letters (c) and (e) above, the capacity
that CENIT successfully markets shall be distributed in proportion to the Temporary Capacity Release among those shippers that
have temporarily released capacity.

 

		(i)	The release of capacity does not involve contractual modification of the Firm Capacity under the
ECOPETROL’s “Ship or Pay” modality.

 

		(ii)	Permanent Firm Capacity Release under the “Ship or Pay” modality:

 

		(a)	Within the first ten (10) Calendar Years of the Completion Period of the Master Service
                                                                 Contract, ECOPETROL may permanently make available to CENIT all or part of the Firm Capacity contracted under the “Ship
                                                                 or Pay” modality, except the Firm Capacity under the “Ship or Pay” modality contracted with ECOPETROL for
                                                                 infrastructure for which CENIT has had to make investments corresponding to the projects that are ongoing as of the Date of
                                                                 Signature, listed in Annex TP-5 for Chapter 1 – Product Transport Service by Polyduct.

 

    	7

    	 

    

 

		(b)	For purposes of the Permanent Capacity Release, ECOPETROL may at any time notify CENIT, and by
any written means, of the volumes it is releasing of the respective Firm Capacity under the “Ship or Pay” modality and
the Asset to which such Permanent Capacity Release applies. The Permanent Capacity Release shall be effective as of the first (1st)
Day of the third (3rd) month following the date of notification of such permanent release; as of such date, CENIT’s
obligation to guarantee the availability of the Permanent Capacity Release shall terminate.

 

		(c)	Following the first ten (10) Calendar Years of the Completion Period of the Master Service Contract,
ECOPETROL may permanently make available to CENIT, at any time, all or part of the Firm Capacity under the “Ship or Pay”
modality, provided CENIT has given its express written consent. If it has done so, the capacity release shall only modify the Firm
Capacity when expressly accepted by CENIT in a written document.

 

		(d)	ECOPETROL shall not be required to pay any Rate with regard to Permanent Capacity Release.

 

		(e)	The Capacity Release shall be deducted from the Firm Capacity, in the same proportion of “Ship
or Pay” and “Ship and Pay” that is set forth in this contract. 

 

		(iii)	Assignment of rights to Firm Capacity:

 

		(a)	ECOPETROL may temporarily or permanently assign all or a portion of its contractual rights to the
Firm Capacity agreed in this Master Service Contract without such situation implying marketing of the Firm Capacity.

 

		(b)	Should ECOPETROL exercise the option mentioned in the previous sub-paragraph, the following aspects
must be taken into account:

 

		1.	ECOPETROL must inform CENIT of the volume of the capacity assigned to a third party, as well as
of the effective time of the assignment for situations involving temporary assignment.

 

		2.	CENIT shall have a period of fifteen (15) Days to inform ECOPETROL of any objection it may have
regarding any third party assignee. CENIT may not object to the assignment in situations where the third party assignee meets the
following conditions:

 

		A.	The assignee is a duly incorporated legal entity whose period of duration is at least equal to
that of the assignment period, plus three (3) Calendar Years;

 

    	8

    	 

    

 

		B.	The assignee has the financial capacity to satisfy the assigned obligations;

 

		C.	The assignee grants to CENIT, if it so requests, an adequate guarantee and to the satisfaction
of CENIT with respect to the obligations acquired;

 

		D.	The assignee is not authorized to, in turn, assign such rights to a third party, except where previously
approved by CENIT;

 

		E.	CENIT is authorized under legal and regulatory provisions to contract with the assignee;

 

		F.	The assignee enters into the respective contract with CENIT for the provision of services related
to the Firm Capacity that is being assigned to it. The conditions of the contract shall be those normally established by CENIT
for its clients.

 

		G.	The assignment of the Firm Capacity does not constitute marketing thereof.

 

		H.	The assignee satisfies the provisions concerning prevention and control of asset laundering and
terrorism financing (LAFT).

 

		3.	In the event the assignment is not able to satisfy all of the foregoing requirements, CENIT shall not
be required to accept the assignment proposed by ECOPETROL.

 

		4.	The assignment of rights carried out by ECOPETROL and to which CENIT does not object, shall be
fully binding and obligatory for CENIT.

 

		5.	ECOPETROL shall not be jointly liable with the assignee regarding the obligations under its responsibility
that are derived as a result of the assignment of Firm Capacity.

 

		6.	As a result of the Firm Capacity assignments, ECOPETROL shall not be required to pay any Rate for
such assigned capacity.

 

		Section 3.06	Additional Capacity

 

		(i)	Should ECOPETROL so require, CENIT is required to offer Additional Capacity beyond the Firm Capacity
under identical conditions as would be offered to a third party, subject to the existence of Unused Capacity.

 

    	9

    	 

    

 

		(ii)	Any Additional Capacity utilized by ECOPETROL shall be understood as having been agreed under the
“Ship and Pay” modality, subject to the existence of Unused Capacity and shall be remunerated by the payment of Service
Rates applicable for the Services effectively provided to ECOPETROL, except for new infrastructure owned by CENIT to which the
provisions set forth in Section 2.03 (ii) apply.

 

		Section 3.07	Addition to Firm Capacity

At any time, the Parties may agree that
all or part of the Additional Capacity requested by ECOPETROL be added as Firm Capacity, for which the Parties shall enter into
the respective agreement whereby the conditions for completing such additional shall be defined.

 

Section 3.08

Under identical conditions as those offered
to third parties, any increase in capacity in the Assets and infrastructure attained by CENIT as of the Date of Signature of this
Master Service Contract, may be contracted by ECOPETROL under the Additional Capacity or Firm Capacity modality, except when an
increase in capacity is developed based on the particular requirements of a third party.

 

Any change to the Firm Capacity pursuant
to the provisions of Section 3.05 shall require a previous written agreement by the Parties.

 

Section 3.09

The Parties understand ECOPETROL’s
position in relation to other Shippers or users of the Assets is diminished if: (i) it constitutes or grants new easements for
the Assets to third parties; (ii) grants, allows or acknowledges for any user or Shippers privileges or priority regarding access
to the Assets that diminish the status of Shippers in terms of access to ECOPETROL’s Contracted Capacity by virtue of this
Master Service Contract.

 

ECOPETROL’s diminished position in
relation to other Shippers or users of the Assets in the terms provided for under this section constitutes breach of the Contract
by CENIT.

 

		Clause 4	Timeframes

 

		Section 4.01	Term

This Master Service Contract shall take
effect on the Date of Signature and shall remain in effect until it is terminated. The foregoing is notwithstanding the provision
contained in sub-numeral (iv) of Section 30.01 of the General Conditions of this Master Service Contract.

 

		Section 4.02	Completion Period

CENIT is required to unconditionally and
irrevocably, and subject to the conditions hereof, provide ECOPETROL with the Services described in this Master Service Contract
and in turn, ECOPETROL is required to unconditionally and irrevocably, and subject to the conditions of this Master Service Contract,
fulfill its obligations to CENIT, as of the Commencement Date of February 28, 2030.

 

For purposes of formalizing the commencement
of the Service to be provided, the Parties shall sign a certificate of commencement specific to each one of these.

 

    	10

    	 

    

 

The Completion Period shall be modified
when (a) CENIT’s permits, licenses or authorizations required in order to provide one or more of the contracted Services
are not granted; (b) CENIT’s permits, licenses or authorizations required in order to provide one or more of the contracted
Services are cancelled; (c) the extension of CENIT’s permits, licenses or authorizations required in order to provide one
or more of the contracted Services cannot be granted. Should these situations arise, CENIT will still be required to provide those
Services that are not impacted.

 

		Section 4.03	Extension

The Completion Period shall be extended
automatically in periods of five (5) Calendar Years, except where either of the Parties objects six (6) months in advance.

 

ECOPETROL must have funds available in
the budget as a necessary condition for the automatic extension to take effect. The Parties must notify the other Party no less
than six (6) months in advance of the date of expiration of the Completion Period of the Services that will not be extended automatically.

 

		Clause 5	Value of the Contract and Consideration

 

		Section 5.01	Value of the Contract

This Master Service Contract is for an
undetermined amount. The final value hereof shall be established once it has been terminated and its final settlement has occurred.

 

		Section 5.02	Consideration

CENIT shall be compensated for the Services
through payment of Service Rates pursuant to the terms and conditions established in the General Conditions and the Chapter regulating
the respective Service.

 

ECOPETROL shall only be required to pay
CENIT the Service Rate applicable to Services provided to ECOPETROL, and under the terms agreed herein. Consequently, ECOPETROL
shall not be required to make additional payments except where expressly agreed by the Parties or established in this Master Service
Contract.

 

		Section 5.03	Comprehensive nature of Service Rates

Service Rates shall include all costs,
expenses, risks and utility associated with providing the Services contemplated under the Master Service Contract. Any capacity
for transportation, storage, loading and otherwise that is not provided for under ECOPETROL’s Contracted Capacity, or pertains
to installations to be constructed as of the signing hereof, shall be compensated independently, which must be agreed to in a separate
document.

 

Section 5.04

Notwithstanding CENIT’s contractual
responsibility, ECOPETROL shall not be required to remit Service Rates for the volumes of ECOPETROL Products pertaining to Identifiable
Losses and Non-Identifiable Losses exceeding the maximum allowable tolerance under the law for these losses or the tolerance agreed
by the Parties.

 

    	11

    	 

    

 

Likewise, CENIT shall not be required to
take accountability for Identifiable Losses and Non-Identifiable Losses of Products that are under the maximum allowable tolerance
under the law for these losses or the tolerance agreed by the Parties, except where a Justifiable Event has occurred.

 

The Parties agree that in the event there
is no regulation with respect to this, the maximum tolerance shall be zero point five percent (0.5%) of the transported volumes.

 

		Section 5.05	Revision of Service Rates

Service Rates may be revised:

 

		(i)	For Services subject to rate regulation:

 

		(a)	At any time when changes to the regulations for this activity or to rates occur; or

 

		(b)	When CENIT establishes more favorable rate conditions to third parties than those set forth in
this Master Service Contract for ECOPETROL, when the agreements with third parties satisfy the following characteristics:

 

1. A Product Transport and/or
Storage capacity under a Firm modality has been agreed, evaluated separately.

 

2. The transaction with the
third party is carried out with regard to one or more of the Services included in this Master Service Contract.

 

3.
The duration of the agreement with the third party exceeds one (1) year.

 

		(ii)	For other Services, pursuant to a written agreement by the Parties.

 

Section 5.06      Agreements
concerning Benefits, Discounts and Monetary Conditions At any time while this Master Service Contract is in force, the
Parties may agree in writing on benefits, discounts or Monetary Conditions concerning contracted Services.

 

		Section 5.07	Readjustment of Rates

Rates shall be readjusted as follows:

 

		(i)	Rates corresponding to Services subject to regulation, based on the readjustments provided for
under the corresponding rate regulation. In any event, CENIT may readjust the rates for services subject to rate regulation up
to the maximum rates allowed for the corresponding regulation.

 

    	12

    	 

    

 

		(ii)	Rates for other Services shall be readjusted each Calendar Year by using:

 

		(a)	The consumer price index published by the National Administrative Department of Statistics (DANE),
or the entity that may replace it, corresponding to the immediately preceding Calendar Year, for Rates agreed in Colombian pesos;

 

		(b)	The Consumer Price Index of the United States of America, CPI for All Urban Consumers (CPI-U) 1982-84=100
(Unadjusted) - CUUR0000SA0 corresponding to the immediately preceding Calendar Year, pursuant to the data reported by the Bureau
of Labor Statistics or the entity that may replace it, for Rates agreed in United States dollars.

 

		(iii)	In any event, rates shall be updated pursuant as may be required by the regulation.

 

		Clause 6	Invoicing and Payment

 

		Section 6.01	Invoicing

CENIT shall issue an original and copy
of individual invoices for each Service, i.e. Product Transport Service, Product Storage Service, Service for Loading Products
into Tank Trucks, Service for portside Unloading of products and the marketing Service for Temporary Capacity Release.

 

Product Transport Service, Service for
marketing Service for Temporary Capacity Release and Service for Loading Products into Tank Trucks shall be invoiced every ten
(10) days in accordance with the reports concerning volumes actually transported and/or loaded during the period. The corresponding
adjustments to the amounts of Firm Capacity for “Ship or Pay” or “Ship and Pay” modalities pursuant to numbers
(i) and (ii) above shall be carried out on a monthly basis in order to complete invoicing for such Services. Product Storage Service
and portside Loading Service for products shall be invoiced monthly.

 

Notwithstanding the foregoing, the following
will be invoiced:

 

		(i)	The amount of the Product Transport Service, Product Storage Service, Service for Loading Products
into Tank Trucks and Service for portside Unloading of Products provided during the period invoiced, in Firm Capacity under the
“Ship or Pay” modality in effect as of the invoice date. This amount shall be invoiced regardless of whether ECOPETROL
utilizes such capacity.

 

		(ii)	The amount of the Product Transport Service, Product Storage Service, Service for Loading Products
into Tank Trucks and Service for portside Unloading of Products in Firm Capacity under the “Ship and Pay” modality and
Additional Capacity that has been assigned to ECOPETROL within ECOPETROL’s Scheduled Capacity for the period invoiced. This
amount shall be invoiced regardless of whether ECOPETROL utilizes such capacity.

 

    	13

    	 

    

 

		(iii)	The invoicing of Rates shall be carried out taking into account any updated amounts with regard
to the last Working Day for the respective period invoiced.

 

Section 6.02

Notwithstanding the foregoing, CENIT must
provide ECOPETROL with an annex providing for the breakdown of the invoice based on the following factors:

 

		(i)	Detail concerning the volume invoiced for each Polyduct, Port and Loading Platform.

 

		(ii)	Detail concerning the Product Transport Rate, Product Unloading Rate, Product Loading Rate for the
service invoiced for each Polyduct and Loading Platform.

 

Section 6.03

In order to facilitate and expedite the
verification of ECOPETROL’s invoices, CENIT shall send a PDF copy of the invoice and any corresponding debit or credit notes
via e-mail the same day the invoice is prepared, to the e-mail account registered to ECOPETROL.

 

		Section 6.04	Currency

Invoices shall be issued in Colombian Pesos
(COP).

 

		Section 6.05	Payment

ECOPETROL is required to remit irrevocable
payment of invoices as follows:

 

		(i)	Invoices for Product Transport Services and marketing Service of Temporary Capacity Release shall
be paid by ECOPETROL within five (5) days of issuance of the respective invoice.

 

		(ii)	Invoices for Services for Loading Products into Tank Trucks and Product Storage Service shall be
paid by ECOPETROL within thirty (30) days of issuance of the respective invoice.

 

Invoices shall be paid in Colombian pesos
pursuant to the agreement of the Parties, to the bank account registered with ECOPETROL, in immediately available funds and in
accordance with CENIT’s Asset Laundering Policy.

 

ECOPETROL may remit payment for invoices
in United States dollars, provided that the Colombian exchange legislation in force allows payment in dollars by national residents.

 

		Section 6.06	Invoicing Disputes

 

		(i)	CENIT must provide ECOPETROL with invoices for each service provided, yet in no case shall its
receipt imply acceptance of the respective invoice.

 

    	14

    	 

    

 

		(ii)	Notwithstanding its payment obligation, ECOPETROL shall have a period of ten (10) Working Days
as of the date of issuance of the invoices for each service, to review or dispute them. Upon the expiry of this period, if ECOPETROL
has not raised an objection, the invoice shall be understood to have been accepted in its entirety by ECOPETROL. Objections to
the invoice shall not disrupt the payment period for those amounts that are not in dispute.

 

ECOPETROL shall provide notice to CENIT
within the period provided for concerning any disputed invoice so that it may be adjusted and corrected, clearly specifying the
sections that should be adjusted and corrected and the respective reasons.

 

CENIT must respond to the objection within
ten (10) Working Days following its receipt, so long as ECOPETROL provides CENIT with all documentation giving rise to the dispute,
except where the Parties determine via mutual agreement to extend this period as may be advisable given the complexity of the objection
or any other reasonable circumstance.

 

In the event that CENIT fails to respond
to the objection within the aforementioned period, the objection shall be deemed accepted by CENIT. Should CENIT make a determination
about the objection that is favorable to ECOPETROL, it shall be understood that there is no payment obligation for the disputed
invoice as originally issued. In this case, the receipt date shall be the date of issuance of the new invoice.

 

If CENIT decides the objection in its favor,
ECOPETROL shall be required to pay any outstanding amount within ten (10) Working Days following CENIT’s notification of
its decision regarding the objection. In order to resolve any discrepancy, each Party shall provide the other Party with a copy
of the documentation in support of the invoice and the objection. Should ECOPETROL disagree with CENIT’s determination, ECOPETROL
may apply the provisions of Clause 23 of the General Conditions of this Master Service Contract (Disputes and Direct Settlement),
in which case ECOPETROL shall not be required to remit payment of the amount in dispute to CENIT.

 

		Section 6.07	Payment Delinquency.

Notwithstanding
the provisions of Section 19.03 of the General Conditions of the Master Service Contract, in the case of unjustified failure to
pay when due invoices not challenged by ECOPETROL, in accordance with the provisions of this Clause, ECOPETROL will pay CENIT
(i) interest payable in pesos at the maximum penalty rate authorized by the Financial Superintendence each day the balance due
is unpaid, or (ii) interest payable in dollars at the maximum penalty rate of Libor (+4), which under no circumstances may be more
than the usury rate established by Colombian law or less than the consumer price index for the prior Calendar Year, for each day
the balance due remains unpaid.

 

Invoices for collection of interest shall
be paid by ECOPETROL within thirty (30) Days following the date they are submitted by CENIT.

 

Issued invoices, as well as this Master
Service Contract, are enforceable per se as a judgment debt, and ECOPETROL and CENIT expressly waive any formal private or legal
declarations of default.

 

    	15

    	 

    

 

		Section 6.08	Adjustments in Invoicing

Adjustments may be made to invoiced amounts
in the following cases:

 

		(i)	When there are adjustments due to Volumetric Balances prepared
by CENIT.

 

		(ii)	When there are adjustments of Scheduled Capacity of ECOPETROL
in the case of Firm Capacity under terms of “Ship and Pay” and Additional Capacity.

 

		(iii)	In cases of adjustments for Temporarily Released Capacity that
arise and are used by another Shipper under the terms of Section 3.04 (i) Temporary Release of Firm Capacity under “Ship or
Pay” conditions and Section 3.04 (iii) Assignment of Firm Capacity rights of the General Conditions of this Master Service
Contract.

 

		(iv)	In the event of adjustments due to objections to the invoices
as set forth in this Clause.

 

		(v)	For Identifiable Losses and Non-Identifiable Losses, for each
of the services provided and pertinent Property in accordance with the provisions of Section 5.04.

 

		(vi)	Due to Suspension of services performed according to the provisions
of Clause 19 of the General Conditions of this Master Service Contract, for each of the services rendered and pertinent Property.

 

		(vii)	Penalties to ECOPETROL for failure to comply with the Delivery
and Receiving Schedule.

 

		(viii)	Any adjustment in keeping with the agreement between the Parties,
arising from the rights and obligations of this Master Service Contract.

 

		(ix)	Any adjustment in keeping with the provisions of the annexes
to this Master Service Contract.

 

In any case, adjustments will be made by
issuing invoices or debit or credit notes subject to the same provisions regarding payment term, interest, and procedure for invoicing
disputes stipulated in this Clause.

 

Section 6.09

If for any reason CENIT requests that:
(i) payments be made to another natural person or legal entity, or (ii) that invoices be prepared by another natural person or
legal entity, such operations by CENIT will not be binding on ECOPETROL, unless: (a) ECOPETROL is notified regarding the operation
intended by CENIT at least one (1) month prior to issuance of the invoice or payment; (b) the operation intended by CENIT does
not affect rights in effect on the date of the operations or the future rights of ECOPETROL regarding the invoicing method; and
(c) in the event of acceptance by ECOPETROL, the assignee satisfies all the requirements established by ECOPETROL for procedures
for invoicing and payments.

 

    	16

    	 

    

 

Section 6.10

ECOPETROL shall have a period of thirty
(30) Days following the day of receipt of notification from CENIT to accept or decline. If ECOPETROL does not reply within the
referenced period, it will be understood that there is no objection to the intended operation notified by CENIT.

 

Section 6.11

If CENIT is interested in factoring the
invoices that it issues to ECOPETROL related to this Master Service Contract, ECOPETROL will be given the first option to pay the
individual invoices for each of the services in advance; if ECOPETROL does not accept, CENIT will be free to carry out factoring
of such invoices.

 

		Clause 7	Representations of the Parties

 

		Section 7.01	Representations of ECOPETROL

ECOPETROL represents in favor of and to
the benefit of CENIT that:

 

		(i)	It is a company whose corporate purpose is carrying out in Colombia
or in foreign countries commercial or industrial activities pertaining to or related to the exploration, production, refining,
transportation, storage, distribution, and marketing of hydrocarbons, their products, and any supplementary, connected or useful
activity for the performance of the foregoing, incorporated in the Republic of Colombia pursuant to Colombian law.

 

		(ii)	It is fully qualified pursuant to the laws of the Republic of
Colombia, its company bylaws, and other company or corporate provisions to enter into this Master Service Contract and to comply
with the obligations assumed under the same, and it is authorized to enter into it and comply with it according to all corporate
requirements and other pertinent acts.

 

		(iii)	Notwithstanding the special conditions arising from the provisions
of Recital 9, the signature and performance of the Master Service Contract, and the Chapters and annexes thereto do not constitute
a violation or breach of the terms and conditions of any contract or agreement to which it is a party, its bylaws or any law, regulation
or court order.

 

		(iv)	ECOPETROL has the respective budget approval for the multi-annual
payments budgeted for performance of the Master Service Contract hereunder.

 

		Section 7.02	Representations of CENIT

CENIT represents in favor of and to the
benefit of ECOPETROL that:

 

		(i)	It is a simplified stock company incorporated in the Republic
of Colombia pursuant to Colombian law, dedicated primarily to the transportation and storage of hydrocarbons, their products and
related materials by means of transportation and/or storage systems, for which it may design, build, operate, manage, develop commercially,
and own hydrocarbon transportation systems and related installations, including, without limitation to, loading platforms, unloading
platforms, and storage tanks, as well as providing services related to port operation.

 

    	17

    	 

    

 

		(ii)	It is fully qualified pursuant to the laws of the Republic of
Colombia, its company bylaws and other company or corporate provisions to enter into this Master Service Contract and to comply
with the obligations assumed under the same, and it is authorized to enter into it and comply with it according to all corporate
requirements and other pertinent acts.

 

		(iii)	It will have all the licenses, authorizations, and permits necessary
to satisfy its obligations in order to provide the Services. 

 

		(iv)	During the effective term of this Master Service Contract it
will have available and will directly maintain or contract services with an expert operator for the operation and maintenance of
infrastructure for transportation and logistics of hydrocarbons.

 

		(v)	The execution and performance of the Master Service Contract
and the Chapters and annexes thereto do not constitute a violation or breach of the terms and conditions of any contract or agreement
to which it is a party, its bylaws or any law, regulation or court order.

 

		Clause 8	Obligations of the Parties

 

		Section 8.01	Obligations of CENIT

The special obligations of CENIT include:

 

		(i)	Comply promptly with all the obligations pertaining to it according
to the Master Service Contract and current law as: 

 

		(a)	Employer;

 

		(b)	Party to the contract;

 

		(c)	Agent in the hydrocarbons chain; and

 

		(d)	Provider of transportation, loading, and storage services.

 

		(ii)	Schedule and provide the Services efficiently in accordance with
the requirements of ECOPETROL, under the terms defined in this Master Service Contract.

 

		(iii)	Operate directly or through a third party the infrastructure
associated with the Services and to perform maintenance on the same.

 

		(iv)	Exclusively assume all of the operating expenses and capital
investments of the Property necessary to satisfy the obligations related to Firm Capacity under this Master Service Contract:

 

		(v)	Be liable to ECOPETROL for any event or situation that constitutes
a breach of its contractual obligations.

 

    	18

    	 

    

 

		(vi)	Be liable for:

 

		(a)	Any damage or loss that may be incurred by third parties while carrying out the activities or performing
the obligations established in this Master Service Contract.

 

		(b)	Any penalty and/or fine arising from failure to comply with the law or failure to comply with the
permits, licenses and/or authorizations related to the performance of this Master Service Contract.

 

		(vii)	Abstain from carrying out or permitting any practice or behavior
that is not provided for in this Master Service Contract and in applicable law, and which affects or jeopardizes the rights of
ECOPETROL as user of the Services.

 

		(viii)	Carry out all acts and procedures necessary to ensure proper
performance of the purpose of this Master Service Contract.

 

		(ix)	Accept nominations made by ECOPETROL within Firm Capacity related
to the Services under this Master Service Contract, as well as to receive, store, handle, and deliver to ECOPETROL the Products
belonging to ECOPETROL, according to the scheduling.

 

		(x)	Process and/or apply for any government permit and/or license
that is necessary to perform the Services and the extensions thereof if necessary, and to comply fully with the aforementioned
authorizations.

 

		(xi)	Notify ECOPETROL as soon as reasonably possible of any event
that arises or that can be reasonably foreseen that affects the performance of the Services or the validity of this Master Service
Contract.

 

		(xii)	Expedite and maintain updated, in keeping with national laws
and Prudent Industry Practices, all regulations, manuals, and procedures applicable to the Services to be performed under this
Master Service Contract.

 

		(xiii)	Ensure practices for attending to, controlling, and mitigating
risks associated with the Services and for managing contingencies in order to prevent or mitigate the effects vis-à-vis
the performance of the Services under this Master Service Contract.

 

		(xiv)	Promptly provide any reports and/or information to ECOPETROL
in accordance with the stipulations of this Master Service Contract.

 

		(xv)	Allow ECOPETROL, at ECOPETROL’s own cost and subject
to a minimum five (5) Days advance request, to carry out an inspection, audit, and verification regarding information and documentation
related to this Master Service Contract.

 

    	19

    	 

    

 

		(xvi)	Facilitate and assist in attending to requests of any type that
may be made by oversight agencies that monitor the activity of ECOPETROL, related to the Services and the compliance of obligations
under this Master Service Contract.

 

		(xvii)	Continually assist with and perform all activities related to
the Services under this Master Service Contract, in coordination with other Agents that provide CENIT with services of the same
or a similar nature and that are necessary to address requests made by ECOPETROL.

 

		(xviii)	Comply with and ensure that contractors related to the performance
of the Services comply with current standards regarding Hygiene, Safety, and the Environment (“HSE”).

 

		(xix)	Comply with the obligations arising from this Contract in a manner
that does not infringe upon or violate, due to illegal acquisition, the patent rights, industrial secrets, copyrights or any other
property right of third parties.

 

		(xx)	Fully comply with legal provisions regarding prevention and monitoring
of asset laundering and terrorism financing (LA/FT) as applicable, efficiently and promptly implementing policies and procedures
necessary for such purpose.

 

		(xxi)	Discharge all other obligations arising from the nature of the
Master Service Contract.

 

		(xxii)	Proceed in such a way as to avoid causing any operational problems
for ECOPETROL.

 

		Section 8.02	Obligations of ECOPETROL

The special obligations of ECOPETROL include:

 

		(i)	Comply promptly with all the obligations pertaining to it according
to the Master Service Contract and current law as: 

 

		(a)	Employer; 

 

		(b)	A Party to the contract; and 

 

		(c)	Agent in the hydrocarbons chain.

 

		(ii)	Comply with procedures applicable to this Master Service Contract,
particularly those associated with nominations, Product Quality, delivery and receipt of products, payment of invoices, and liquidation
of Line Filling.

 

		(iii)	Nominate and deliver the nominated and accepted quantities of
ECOPETROL’s Products at the applicable Entry Points, as well as to receive the pertinent volumes at the Exit Points when
applicable. 

 

    	20

    	 

    

 

		(iv)	Pay the Rates and pay the taxes for which it is responsible under
the terms and conditions established in this Master Service Contract.

 

		(v)	Be liable to CENIT for any event or situation that constitutes
breach of contractual obligations.

 

		(vi)	Be liable for:

 

		(a)	Any damage or loss that may be incurred by third parties during
the performance of the activities or while carrying out the obligations established in this Master Service Contract.

 

		(b)	Any penalty and/or fine arising from failure to comply with the
law or failure to comply with the permits, licenses and/or authorizations related to the performance of this Master Service Contract.

 

		(vii)	Make its best efforts to coordinate with other Agents who provide
the same or similar services to CENIT any activities that are necessary in order to avoid hindering compliance of the obligations
of CENIT arising from this Master Service Contract.

 

		(viii)	Notify CENIT as soon as reasonably possible of any event that
arises or that could reasonably be foreseen that affects or could affect the performance of the Services of the legal effect of
this Master Service Contract.

 

		(ix)	Carry out all the acts and procedures necessary to ensure proper
performance of the purpose of this Master Service Contract.

 

		(x)	Attend diligently to operational requests made by CENIT in order
to ensure proper operation of infrastructure associated with performance of the services.

 

		(xi)	Operate and maintain the Shipper Installations according to Prudent
Industry Practices.

 

		(xii)	Comply with current standards for product marking, additivization
and blending of the Product.

 

		(xiii)	Proceed in such a way as to avoid causing any operational problems
for CENIT.

 

		(xiv)	Comply with the Transporter’s Manual issued by CENIT for
performance of the services. For the purpose of implementing CENIT’s Transporter’s Manual, the procedures for presentation
will be used as determined by the official regulations issued by the Competent Authority or, in the absence thereof, by applying
the guidelines established in Resolution 181258 of July 14, 2010 (or any that may modify, replace or eliminate it) which regulates
transportation of crude in oil pipelines.

 

		(xv)	Promptly deliver the reports and/or information to CENIT in accordance
with the stipulations of this Master Service Contract. 

 

    	21

    	 

    

 

		(xvi)	Inform CENIT and the Competent Authorities in due time regarding
risks, contingencies, accidents, illicit acts, and in general any matter that could affect interest groups related to the purpose
of the Contract.

 

		(xvii)	Comply and ensure compliance by contractors as it relates to
the performance of the Services of current standards in matters of Hygiene, Safety, and Environment (“HSE”).

 

		(xviii)	Comply with the obligations arising from this Contract in such
a manner as not to infringe or violate, by illegal acquisition, patent rights, industrial secrets, copyrights or any other right
of ownership of third parties.

 

		(xix)	Facilitate and assist in addressing requests of any type made
by oversight entities that monitor the activity of CENIT as it relates to compliance with the obligations under this Master Service
Contract.

 

		(xx)	Allow CENIT, at CENIT’s own cost and subject to prior
request at least five (5) Days in advance, to carry out an inspection, audit, and verification regarding information and documentation
related to this Master Service Contract.

 

		(xxi)	Fully comply with legal provisions regarding prevention and monitoring
of asset laundering and terrorism financing (LA/FT) as applicable, efficiently and promptly implementing policies and procedures
necessary for such purpose.

 

		(xxii)	Discharge all other obligations arising from the nature of the
Master Service Contract.

 

		Clause 9	Followup Committee

 

Notwithstanding the authority of ECOPETROL
to supervise and audit compliance of the obligations of CENIT, the Parties agree to form a Followup Committee whose principal objective
will be to monitor performance of the Services. It will be governed by the following rules:

 

		Section 9.01	Formation

The Followup Committee will consist of
four (4) members and their alternates. Each Party will appoint two (2) members with their respective alternates. Each Party may
independently replace their members on the Followup Committee, and it will be necessary to inform the other Party in writing of
any change at least fifteen (15) Days prior to the date the appointed person fills the position.

 

		Section 9.02	Duties

The Followup Committee will have the following
duties:

 

		(i)	Analyze situations that affect performance of the Services in
order to recommend the actions to be taken.

 

    	22

    	 

    

 

		(ii)	Study any items of interest submitted by the Parties in order
to improve performance of the Services according to the requirements of the Parties.

 

		(iii)	Present and track claims submitted by ECOPETROL and CENIT due
to or related to performance of the Master Service Contract.

 

		(iv)	Define, stipulate, discuss, and request reports and clarifications
that the Parties must deliver to the other Party under this Master Service Contract due to performance of the same.

 

The
duties of the  Followup Committee shall under no circumstances be understood as authority of ECOPETROL to co-manage
performance of the Services or to affect the technical, administrative, financial, and operating autonomy of
CENIT.

 

		Section 9.03	Meetings

The
Followup Committee shall meet at least once a month within the first ten (10) Days of the respective month, notwithstanding
the ability to meet at any other time when circumstances require, by communication sent by one of the representatives to
another.

 

Annual scheduling of meetings will be carried
out by CENIT and sent to ECOPETROL within the first fifteen (15) Days of December of each Calendar Year. For the first year of
the Completion Period of the Master Service Contract, the schedule will be sent no later than the last Working Day of April 2013.

 

		Clause 10	Exclusion of Employment Affiliation

 

		(i)	This Master Service Contract establishes a purely commercial
affiliation between the Parties associated with the performance of the Services, and therefore this Master Service Contract does
not entail any employment affiliation or subordination or intermediation between the Parties, or between any one of them and the
personnel that, under the Master Service Contract, each Party appoints for compliance of the same. 

 

		(ii)	CENIT shall be and be considered an independent contractor and
not the agent, representative, or mere intermediary of ECOPETROL. At no time will CENIT be authorized to bind ECOPETROL or to act
on its behalf, except with express authorization in writing from ECOPETROL. The performance of the Master Service Contract shall
be under the exclusive supervision and control of CENIT.

 

		(iii)	Each Party and its subcontractors, and the workers of any or
all of them, shall not be subordinated in the work to the other Party, nor will they be the other Party’s intermediaries,
and shall have full technical, administrative, and managerial autonomy with respect to their obligations under this Master Service
Contract. 

 

    	23

    	 

    

 

		Clause 11	Claims

 

Notwithstanding
(i) the procedure for claims established for invoices under Section 6.06 of the General Conditions of this Master Service Contract
and (ii) the special procedure established for management of indemnities, any other claim that ECOPETROL may have arising from
the performance of this Master Service Contract shall be submitted in writing no later than sixty (60) Days following occurrence
of the event from which the claim arose, with any applicable supporting arguments.

 

All claims will be processed according
to the procedures defined by CENIT for attending to complaints and claims promptly and diligently, within a maximum period of sixty
(60) Days to provide a substantive response regarding the same.

 

This claims procedure in no way affects
the rights of ECOPETROL to claim any type of damage, loss, or indemnity in accordance with the procedures established in this Master
Service Contract.

 

		Clause 12	Environmental and occupational health liability

 

		Section 12.01	CENIT:

		(i)	Is the sole party responsible for any damage or deterioration,
however slight, that CENIT or its workers or contractors cause related to performance of the Services in the air, water, soil,
or to human health and animal or plant life, or for pollution or damage to highways, internal roads, streets, marshes, rivers,
drainage ditches, parks, green areas, residential areas, and equipment or plants, as a consequence of the performance of its activities,
and consequently will hold ECOPETROL harmless under the terms of this Master Service Contract provided that the occurrence of such
damage is not due to an act and/or omission of ECOPETROL.

 

		(ii)	Declares that it is aware of Colombian law regarding protection
of human health, natural resources, and the environment, and agrees to abide by it. 

 

		(iii)	Acknowledges that it will be the sole party responsible for compliance
with laws on occupational health, safety of all personnel who work for CENIT or for its contractors relating to the performance
of the Services and protection of property. 

 

		(iv)	Agrees to implement a special policy for protection of health
and conservation of the environment according to Prudent Industry Practices, expressly making employees and contractors aware of
it as it relates to performance of the Services.

 

Under such policy, in actual
practice CENIT shall give proper attention to the environment, workers’ health, and health of other people at the locations
where the Master Service Contract will be performed, preserving the air, water, soil, and animal and plant life from any adverse
effect that could arise from activities pertaining to the Master Service Contract and collaborating closely with
ECOPETROL.

 

    	24

    	 

    

 

		(v)	Shall provide all protection systems necessary to ensure the
safety of the people and property of ECOPETROL, being directly responsible for any damage arising from performance of the Master
Service Contract. 

 

		Section 12.02	ECOPETROL:

 

May carry out periodic inspections at CENIT
installations relating to providing Services in order to verify compliance with standards for the protection of health, environment,
and property as well as to detect any harmful or hazardous action with notification ten (10) Days in advance, for which it shall
have and has the respective authorization.

 

Any violation of standards attributable
to CENIT regarding protection of health, environmental protection, and handling of property, as established in this Clause during
the performance of this Master Service Contract shall be corrected by CENIT at its own cost and risk.

 

		Clause 13	Corporate Responsibility

 

CENIT agrees to:

 

		(i)	Respect and observe the Code of Good Governance, the Policies
of Comprehensive Responsibility, and Corporate Responsibility of ECOPETROL, and the policies on prevention, oversight, and management
of the risk of asset laundering and terrorism financing of ECOPETROL. In the event of contradictory provisions between the policies
of CENIT and those of ECOPETROL, the Parties agree in good faith to agree on a solution and a course of action to follow.

 

		(ii)	Endeavor to establish and maintain good relations with the institutions
(Competent Authorities) and communities located in the regions and areas where the Master Service Contract will be performed. 

 

		(iii)	Report to the contract manager of the Master Service Contract
or to the person who carries out his/her duties, any incident or event that could affect its image and/or that of ECOPETROL within
three (3) Working Days following their occurrence in order to handle the matter jointly. 

 

		Clause 14	Transparency Commitment

 

The
Parties agree to:

 

		(i)	Uphold appropriate behaviors and oversight to ensure ethical
conduct in accordance with current standards.

 

		(ii)	Abstain from making (directly or indirectly or through employees,
representatives, affiliates or contractors), payments, loans, gifts, bonuses, commissions to employees, management, administrators,
contractors or suppliers of the Parties, public officials, members of popularly-elected bodies or political parties, with the purpose
of inducing such persons to carry out an act or make a decision or use their influence with the objective of contributing to obtain
or retain business transactions related to the Master Service Contract.

 

    	25

    	 

    

 

		(iii)	Refrain from producing incorrect records or information or distributing
information that affects the image of the other Party when it is based on unfounded conjectures.

 

		(iv)	Report to each other any deviation from the policy of conduct
indicated in this Clause.

 

		Clause 15	Code of Good Governance and Asset Laundering Policies

 

The
Parties agree to respect and observe the Code of Good Governance and Policies of Loyalty and Transparency of CENIT and the Code
of Good Governance and Asset Laundering Policy of ECOPETROL, which will be available respectively on the web pages of CENIT and
ECOPETROL. In the event of conflicting provisions between the policies of CENIT and those of ECOPETROL, the Parties will implement
in good faith the dispute resolution procedure established in the General Conditions of this Master Service Contract.

 

		Clause 16	Responsibility

 

		Section 16.01	Responsibility of the Parties

 

		(i)	The Parties declare that they are aware of the conditions of
public order and safety of the areas in which the purpose of the Master Service Contract will be carried out in whole or in part,
and each Party assumes responsibility for its own risks arising from such conditions. 

 

		(ii)	Each Party shall be solely responsible for damages incurred by
third parties due to its activity. Specifically, each Party will be responsible for any loss or damage to all third party property
or third party injury, illness or death as a result of acts or omissions or those of its personnel or those of the personnel of
its contractors.

 

		(iii)	Compliance with the pertinent legal obligations of each of the
Parties, between them specifically including those related to their operation, their personnel, compliance with environmental policies,
those related to the legality of rights of intellectual property, of tax provisions or any others of a similar nature, is the duty
and sole responsibility of the Party with whom the referenced obligation rests, and any noncompliance will only affect the referenced
Party.

 

		Section 16.02	Contractual Responsibility of CENIT

 

		(i)	With the exception of the provisions of numbers (ii) and (iii)
of this Section and/or in each Chapter within the Master Service Contract, CENIT will be liable in all cases for damages incurred
by ECOPETROL that are generated, derived from, or related to any breach in whole or in part by CENIT, whether by act or omission,
of the obligations contained in this Master Service Contract. 

 

    	26

    	 

    

 

		(ii)	CENIT will be liable for damages arising from breach in the availability
of Firm Capacity in any events in which the latter is under the Minimum Firm Capacity Availability established in Section 3.03
of the General Conditions. 

 

		(iii)	CENIT will only be exonerated in whole or in part from liability
for failure to perform or for defective or late performance of its obligations under this Master Service Contract if it provides
full proof that the cause of the damage is due to a Justified Event and that it also made all the Reasonable Efforts.

 

		Section 16.03	Contractual liability of ECOPETROL

ECOPETROL will be liable for damages incurred
by CENIT that are generated, derived from, or related to any breach in whole or in part by ECOPETROL by act or omission of the
obligations under this Master Service Contract, except when there are grounds for exemption from liability in accordance with the
law.

 

		Clause 17	Indemnity

 

		Section 17.01	CENIT:

Agrees to protect, defend, indemnify and
hold ECOPETROL, parent companies of ECOPETROL, subordinate companies of ECOPETROL (excluding CENIT), directors of ECOPETROL, officers
of ECOPETROL, representatives and/or employees of ECOPETROL harmless from any claim, complaint, litigation, legal or non-legal
action, argument and judgment of any type or nature filed or that may be filed against any of them by third parties, arising from
or related to the activities of Transportation of Products, Storage of Products, and Loading of Products on Tank Trucks, except
when it is due to events of bad faith or gross negligence of ECOPETROL.

 

Consequently, all costs and expenses necessary
for repair or compensation of such damages, costs, expenses or loss will be borne exclusively by CENIT, as well as legal and non-legal
costs incurred and attorneys’ fees.

 

		Section 17.02	ECOPETROL:

Agrees to hold CENIT, parent companies
of CENIT (Excluding ECOPETROL), subordinate companies of CENIT, directors of CENIT, officers of CENIT, representatives and/or employees
of CENIT harmless from any claim, complaint, litigation, legal or non-legal action, argument and judgment of any type or nature
filed or that may be filed against any of them by third parties, arising from or related to the performance of the obligations
of ECOPETROL under this Master Service Contract, except when due to events of bad faith or gross negligence of CENIT.

 

Therefore, ECOPETROL will be exclusively
responsible for all costs and expenses needed for repair or compensation of such damages, costs, expenses or losses, as well as
legal and non-legal costs that may arise and attorneys’ fees.

 

    	27

    	 

    

 

		Section 17.03	CENIT and/or ECOPETROL

 

CENIT and/or ECOPETROL, as applicable (hereinafter
the “Claimant Party”), may file claims or the pertinent actions to enforce the indemnity set forth in Sections
17.01. and17.02 of Clause 17 of the General Conditions of this Master Service Contract, subject to the procedure established below:

 

		Section 17.04	Indemnity claim procedure.

 

		(i)	In the event that any of the Claimant Parties seeks to be held
harmless or defended in the event of the indemnity obligations provided in this Clause, the interested Claimant Party shall notify
the other party (hereinafter the “Respondent Party”) promptly regarding the process, claim or loss. 

 

		(ii)	In the case of court orders, the Claimant Party shall answer
the complaint promptly and implead or file a formal accusation against the Respondent Party, as applicable, unless the Parties
reach a direct mutual agreement. 

 

		(iii)	In the case of administrative procedures, the Claimant Party
shall file any timely recourse allowed by governmental channels.

 

			The Parties may agree at any time that the Respondent Party shall
directly assume the legal or administrative defense of the Claimant Party. In such event, the Claimant Party will collaborate and
provide assistance to the Respondent Party in order to take necessary or advisable measures in the course of the process, including
conferring powers of attorney. 

 

			The Parties agree that neither the Claimant Party nor the Respondent
Party may conciliate, settle or in any other way agree or commit to any aspect of the procedure by means of which the Claimant
Party seeks to be held harmless or defended by the Respondent Party, without the prior consent of the other Party, unless settlement,
conciliation or consent includes the unconditional release of the Claimant Party or of the Respondent Party, as the case may be,
from all liability within the process. The aforementioned requested consent may not be unreasonably denied or delayed by the Party
from whom such consent was requested. 

 

		(iv)	The Claimant Party and the Respondent Party shall work closely
and consistently together regarding the situation and the status of any action or means of defense that the Claimant Party may
have initiated or filed. If the Parties agree that the Respondent Party would assume the defense directly, the latter shall keep
the Claimant Party informed about the status of the process. Also, the Claimant Party must inform the Respondent Party of the status
of the process.

 

    	28

    	 

    

 

		(v)	After the process is concluded, as applicable, the Respondent
Party will be obligated to pay the Claimant Party within a period of not more than sixty (60) Days following receipt by the Respondent
Party of the Claimant Party’s written communication regarding the conclusion of the process, and the amount established in
the ruling, sentence, award or act that ends the process, including all applicable interests, arrears and penalties, as established
in the respective proceeding.

 

		(vi)	In the event that the decision of the Respondent Party is to
not initiate or file actions or means of defense or, as applicable, the respective response to charges and clarifications are not
submitted, the Respondent Party will proceed to pay the Claimant Party the pertinent amount according to the notification of third-party
claim, and as of the payment date will be released of any liability due to the aforementioned procedure or court order.

 

		(vii)	The defense strategy shall endeavor to ensure that the Claimant
Party is not subject to attachment or other loss. If such precautionary measures, attachment or similar processes are ordered that
affect the operations of the Claimant Party, the Respondent Party will take the pertinent legal steps to lift or suspend such measures,
doing so promptly and diligently. 

 

		(viii)	With regard to any claim of the Claimant Party according to the
provisions of this Master Service Contract, the Respondent Party shall make the pertinent payment: 

 

		(a)	Within sixty (60) Days following the date the claim was made,
in the event that it is with regard to a matter as to which there is no dispute between the Parties; or 

 

		(b)	Within sixty (60) Days following the date of the final ruling
or the agreement reached regarding the claim, in the event of a dispute between the Parties related to the same.

 

		(ix)	The Parties agree to cooperate to the greatest extent possible
in connection with any third-party claim regarding which indemnity may or may not be demanded under this Master Service Contract.

 

Section 17.05

If subsequent to the date the respective
legal or administrative process is concluded, a dispute arises between the Parties with respect to the indemnity obligation, the
same will be resolved by means of the mechanism established in Clause 23 of the General Conditions of this Master Service Contract.

 

		Clause 18	Confidentiality

 

Section 18.01

The Parties agree to maintain strictly
confidential, without disclosing to anyone, the information notified as confidential (hereinafter the “Information”),
that was furnished during the performance of this Master Service Contract and during the activities of ECOPETROL and/or of CENIT.

 

    	29

    	 

    

 

Section 18.02

Notwithstanding the foregoing, Information
may be disclosed only in the following cases:

 

		(i)	When disclosure of the Information is required by law;

 

		(ii)	When disclosure of the Information is ordered by a Competent
Authority;

 

		(iii)	When the information in question is of the public domain, without
being due to any act or omission of the Parties; or

 

		(iv)	When the person who provided the information has authorized it
in writing in each case. 

 

Section 18.03

For any information that must be or needs
to be disclosed as stipulated in the foregoing sections, the disclosure in question will only take place after consultation, if
the deadline granted by law or the Competent Authority who ordered disclosure of the information permits, with the Party who provided
the information. In cases in which it is not possible to implement the period granted by law or the Competent Authority to disclose
the information, the Party disclosing the information shall subsequently inform the other Party of the referenced disclosure.

 

Section 18.04

In addition, the Information will be understood
as being available for disclosure to employees, advisors, and officers of the Parties.

 

Section 18.05

The Parties may disclose the Information
without prior written consent of the other to an Affiliate company, provided that the Parties guarantee that the aforementioned
Affiliate company will observe the confidentiality terms and other conditions of this Master Service Contract.

 

Section 18.06

In all cases, the Parties shall ensure
that the people to whom the Information is disclosed maintain such Information confidential and abstain from disclosing it. The
Parties will be responsible for any disclosure of Information by their employees, advisors, and officers. If the Parties become
aware of an authorized disclosure of Information, it will be immediately notified to the other Party, and they will jointly take
the measures necessary and/or advisable to prevent other disclosures of Information in the future.

 

Section 18.07

The Parties will only use or allow use
of the disclosed Information in the performance of this Master Service Contract in order to comply with it. Disclosure of Information
under this Master Service Contract will not grant any other right.

 

    	30

    	 

    

 

Section 18.08

The Parties will be responsible if, through
negligent acts or omissions, they disclose or make any Information public outside the terms provided hereunder in accordance with
the law.

 

Section 18.09

Either of the Parties may demand return
of the Information at any time after written notification to the other Party. Within thirty (30) Days following receipt of such
notification, the receiving Party shall return all original Information and will destroy or ensure destruction of all copies and
reproductions (in any form, including but not limited to electronic means) that it has in its possession or in possession of people
to whom it was disclosed under this Master Service Contract. In all cases, at the end of the Completion Period of the Master Service
Contract, each of the Parties shall return to the other Party all original Information and destroy or ensure destruction of all
copies and reproductions (in any form, including but not limited to electronic means) that it has in its possession or in possession
of people to whom it was disclosed under this Master Service Contract.

 

Section 18.10

During the Completion Period, the Parties
agree to maintain in reserve and not disclose the Information expressly identified in writing by each of them that is protected
by copyright or industrial secrecy according to current laws, which is directly delivered by one of the Parties to the other due
to the performance of the Master Service Contract, and agree not to provide the aforementioned Information to third parties, unless
ordered by Competent Authorities or in events in which current legal provisions so require.

 

This
confidentiality Clause will remain in effect even after termination of the Master Service Contract.

 

		Clause 19	Suspension

 

		Section 19.01	Suspension of the Services

Performance of the Services may be suspended
in part when:

 

		(i)	In the case of Justified Events. In these cases the affected
Party shall notify the other Party, first by the most expeditious means and later in writing within twenty-four (24) hours regarding
the respective situation, indicating the events that brought about the Justified Event. Also, the evaluation of the Justified Event
and its consequences will be communicated in writing within twenty-four (24) hours of the conclusion of the respective Justified
Event.

 

The
Party affected by a Justified Event is obligated to do everything reasonably advisable and possible, under extraordinary conditions,
to mitigate and reduce the effects of the Justified Event, as well as to overcome them as soon as possible.

 

			Partial suspension of the Services does not authorize either
of the Parties to interrupt performance of their other contractual obligations that are not affected by the partial suspension.

 

    	31

    	 

    

 

		(ii)	When due to causes not attributable to CENIT it does not have
the permits, licenses or authorizations required to perform the Services, notwithstanding the responsibility of CENIT under the
provisions of Sections 8.01 and 16.02 of the General Conditions of this Master Service Contract.

 

		(iii)	Causes attributable to CENIT that make it impossible to perform
the Services, notwithstanding CENIT’s contractual liability for breach of its obligations. 

 

		(iv)	Negligent breach by ECOPETROL except when it is a matter of disputed
amounts of money. Negligent breach will be considered to exist when ECOPETROL has failed to comply with its payment obligations
after the credit limit granted by CENIT is reached.

 

		(v)	In order to comply with the applicable regulation or at the disposition
of the Competent Authority, including but not limited to prioritization of transportation, loading and/or storage of Products.

 

		(vi)	Due to scheduled maintenance and/or work of the Property and
infrastructure of CENIT included within the Delivery and Receiving Schedule that do not affect the Service Factor.

 

Section 19.02

Suspension of the Services will not affect
the authority of ECOPETROL to search for and implement alternatives that allow it to ensure supply of suspended Services directly
by another supplier, regarding which CENIT may not make claims or request any compensation.

 

Section 19.03

ECOPETROL will not be obligated to pay
the Service Rate that has been suspended for any cause other than that indicated in numbers (i) and (iv) of Section 19.01, notwithstanding
the provisions of Section 19.04.

 

Section 19.04

In the case of suspension of the
Product Transport Service due to occurrence of a Justified Event in the Pozos Colorados — Galan Products Pipeline,
pursuant to the provisions of number (i) of Section 19.01, the following procedure will apply:

 

		(i)	When during the same Calendar Year, one or more Justified Events
are alleged by CENIT, jointly or separately, as a cause of suspension of the Product Transport Service through the aforementioned
Products Polyduct, ECOPETROL shall be obligated to pay the lower price in effect at the time of the suspension between operating
and maintenance costs or the current Transport Rate recognized by the Ministry of Mines and Energy or the entity that replaces
it, applicable to Firm Capacity under “Ship or Pay” terms. 

 

If
within the same Calendar Year the Product Transport Services have been suspended for continuous or discontinuous periods whose
total exceeds ninety (90) Days after the first Day of suspension, ECOPETROL, after Day ninety-one (91) of the suspension, will
not be obligated to pay any amount to CENIT until the pertinent Service is recommenced. 

 

    	32

    	 

    

 

		(ii)	When during the same Calendar Year one or more Justified Events
are alleged by ECOPETROL, jointly or separately, that lead to suspension of the Product Transport Service by the aforementioned
Products Polyduct, ECOPETROL will not be obligated to pay the Transport Rate for Product Transport Services until day ninety (90)
of the suspension. 

 

If
during the same Calendar Year the Services have been suspended for continuous or discontinuous periods that exceed ninety (90)
Days following the first Day of suspension, ECOPETROL shall be obligated to pay the Transport Rate for Firm Capacity under “Ship
or Pay” terms as of Day ninety-one (91) of the suspension, until the requirement for Product Transport Services by ECOPETROL
is recommenced. 

 

Section 19.05

For other Property and Services, with the
exception of the Service of Loading Products on Tank Trucks in the case of suspension or failure to provide the Services due to
a Justified Event, in accordance with the provisions of number (i) of Section 19.01, the following procedure shall apply:

 

		(i)	When during the same Calendar Year one or more Justified Events
are alleged by CENIT, jointly or separately, as a cause of suspension of one or more Services for one or more Property in particular,
ECOPETROL, during the first ninety (90) Days of suspension, will be obligated to pay the Firm Capacity Rate under “Ship or
Pay” terms for the suspended Services. 

 

If
during the same Calendar Year the Services for particular Property have been suspended for continuous or discontinuous periods
that exceed ninety (90) Days following the first Day of suspension, ECOPETROL will not be obligated to pay the Rate until the pertinent
Service is recommenced. 

 

		(ii)	When during the same Calendar Year one or more Justified Events
are alleged by ECOPETROL, jointly or separately, which lead to suspension of one or more Services for one or more of the items
of Property, ECOPETROL will not be obligated to pay the Firm Capacity Rate under “Ship or Pay” terms for suspended Services.

 

If
during the same Calendar Year the Services have been suspended for continuous or discontinuous periods that exceed ninety (90)
Days following the first Day of suspension, ECOPETROL will be obligated to pay the Rate as of Day ninety-one (91) of suspension,
until the requirement for Crude Transportation Services by ECOPETROL is recommenced.

 

    	33

    	 

    

 

		Clause 20	Termination of the Master Service Contract

 

This
Master Service Contract shall terminate: 

 

		(i)	Due to expiration of the stipulated Completion Period; or 

 

		(ii)	By mutual agreement of the Parties.

 

		Clause 21	Settlement of the Master Service Contract

After termination of the Master
Service Contract, the Parties will sign the record of finalization of performance.

 

The Parties will prepare the final settlement
of the Master Service Contract by mutual agreement within six (6) months following the Termination Date of the Master Service Contract.
For such purpose ECOPETROL will prepare the record of finalization, which will be submitted for review by CENIT.

 

If CENIT does not agree on the final settlement
or there is no agreement regarding the content of the same within the aforementioned term, ECOPETROL may independently make a final
settlement in one (1) month, which in any case is not binding on CENIT and may be challenged by the latter.

 

The record of final settlement will expressly
set forth the following:

 

		(i)	Declaration regarding compliance of obligations of each of the
Parties in the performance of the Master Service Contract; and

 

		(ii)	Any agreements, conciliations, and settlements reached by the
Parties in order to finalize differences and prepare a no-debt certificate.

 

After final settlement of the Master Service
Contract, each Party shall pay the other any amounts owed for any reason that are obtained in the final settlement procedure, after
making any pertinent deductions.

 

		Clause 22	Assignment and subcontracting

 

Section 22.01

The Parties shall have the right to assign
or transfer in whole or in part their interests, rights, and obligations under this Master Service Contract according to the rules
established in this Master Service Contract. Any assignment or transfer that is contrary to the aforementioned rules will not be
valid or binding on the other Party.

 

		Section 22.02	Assignment by CENIT

CENIT may assign in whole or in part the
rights and obligations under this Master Service Contract provided that it does not affect the rights of ECOPETROL to the Services.
Any assignment of rights and obligations that affects the rights of ECOPETROL under this Master Service Contract will require prior
written approval from ECOPETROL, unless the assignment is made to a subordinate or controlling company of CENIT.

 

    	34

    	 

    

 

For
the effects of the provisions of this number, CENIT will submit a written request for approval, indicating the essential elements
of the transaction, such as possible parties, rights and obligations, scope of the assignment, and the manner they affect or may
affect the referenced rights of ECOPETROL. ECOPETROL will have a term of thirty (30) Days following delivery of the request for
approval to provide the decision to accept or reject the request. If ECOPETROL fails to answer within such term, the assignment
will be considered approved.

 

		Section 22.03	Assignment by ECOPETROL

ECOPETROL may assign in part or in whole
the rights and obligations under this Master Service Contract provided that it strictly complies with the same provisions of Section
3.05 number (iii), letter b, sub-number 2 of the General Conditions of this Master Service Contract.

 

		Section 22.04	Subcontracting

CENIT may subcontract all or part of the
obligations for the performance of the Services. In all cases:

 

		(i)	CENIT shall maintain control and supervision of activities of
its subcontractors.

 

		(ii)	CENIT shall continue to be the sole party responsible to ECOPETROL
for compliance of its obligations under this Master Service Contract. 

 

		(iii)	There shall be no contractual connection between ECOPETROL and
subcontractors of CENIT. 

 

		(iv)	Any complaint, claim or petition of a subcontractor of CENIT
shall be entirely addressed by CENIT. 

 

		(v)	No breach by subcontractors of CENIT will be considered a Justified
Event, extraneous cause or exculpatory circumstance for CENIT vis-à-vis ECOPETROL.

 

		Clause 23	Dispute Resolution

 

In the event of any type of disagreement,
dispute or controversy arising from this Master Service Contract, either of the Parties shall be obligated first to request from
the other Party a direct solution of the same. For such purpose, the Party who considers that there is a disagreement shall notify
the other Party within twenty (20) Days following the occurrence or verification of the same. Within ten (10) Working Days following
receipt of the notification, the Parties shall meet to directly resolve the disagreement in question within a period of twenty
(20) Working Days. After such period has expired, if there is no agreement, the Parties may resort to the mechanisms of dispute
resolution provided by law.

 

    	35

    	 

    

 

		Clause 24	Regulatory Adjustment

 

The conditions established in this Master
Service Contract, its Chapters and annexes, shall be adjusted to satisfy any regulatory changes made or implemented by the Competent
Authority that:

 

		(i)	Are binding upon any of the Parties and conflict with the provisions of this Master Service Contract

 

		(ii)	Cause financial imbalance in the Contract as it pertains
to any of the Parties

 

The Parties agree in good faith to renegotiate the terms of the Contract in order to re-establish the
economic balance, and if no agreement is reached, they will resort to the mechanism provided in Clause
23.

 

		Clause 25	Taxes

 

All national, departmental, district or
municipal taxes, contributions, fees, surcharges, and assessments payable due to the execution, performance and final settlement
of this Master Service Contract shall be paid by the Party to whom such payment pertains according to the law.

 

		Clause 26	Guarantees

 

Considering the fact that (i) CENTI is
a subsidiary of ECOPETROL and (ii) in addition to this Master Service Contract, ECOPETROL and CENIT have executed an Operation
and Maintenance and Project Management Contract, the Parties agree that this Master Service Contract shall not cause either of
them any obligation to establish guarantees.

 

		Clause 27	Notifications

 

		(i)	Communications and invoices sent between CENIT and ECOPETROL pursuant to this Master Service Contract
must be provided in writing in order for them to be valid, and must, at the discretion of the issuing Party, be delivered personally
or transmitted by fax, email or by any other means permitting verification of their dispatch and receipt (including proof of receipt
and confirmation by mail).

 

		(ii)	All communications shall be regarded as having been received and as having had the desired effect:

 

		(a)	On the date of receipt, if delivered in person, or

 

		(b)	Twenty-four (24) hours after the date of transmission if transmitted by fax, email or any other
means permitting verification of their dispatch and receipt, so long as the confirmation is received within the following eight
(8) days, whichever comes first.

 

		(iii)	Each Party may change its address for the purposes contained herein subject to notice in writing
to the other Party fifteen (15) days in advance of the expected date of the changes.

 

		(iv)	All notifications and communications that the Parties must make in connection with the execution
of this Contract shall be made to the following addresses:

 

    	36

    	 

    

 

ECOPETROL

 

	Address	Carrera 7 No. 37 – 69 Piso 9 Edificio Teusacá
	Contact	Alvaro Castañeda Caro
	Telephone	2343491
	Fax	2343532
	City	Bogotá D.C.
	Email	alvaro.castañeda@ecopetrol.com.co

 

CENIT

 

	Address	Carrera 9 No. 76 49 Piso 4
	Contact	Camilo Marulanda López

Jorge Alberto Castiblanco

Juan Pablo Ospina
	Telephone	3198800
	Fax	3198700
	City	Bogotá D.C.
	Email	
        camilo.marulanda@cenit-transporte.com

        jorge.castiblanco@cenit-transporte.com

        juan.ospina@cenit-transporte.com

 

		Clause 28	Domicile

 

The contractual domicile for all legal
and procedural purposes shall be the city of Bogotá D.C.

 

		Clause 29	Applicable Law

 

This Master Service Contract shall for
all purposes be governed by the laws of the Republic of Colombia.

 

		Clause 30	Integrity of the Contract and its Amendments

 

		Section 30.01	Completeness

 

		(i)	This Master Service Contract contains a full and complete listing of the terms accepted and agreed
by the Parties to govern the legal transactions with respect to ECOPETROL’s Contracted Capacity relating to Property, together
with the Services that will be provided by CENIT in connection with these. The Parties mutually agree to the complete invalidation
of all agreements, accords, contracts, understandings or conversations they may have had prior to the Date of Signing with respect
to ECOPETROL’s Services and Contracted Capacity.

 

    	37

    	 

    

 

		(ii)	The following documents constitute part of the Master Service Contract:

 

Chapter
I – Product Transport Service

 

	ANNEX TP-1	Quality Specifications
	 	 
	ANNEX TP-2	Polyducts
	 	 
	ANNEX TP-3	CENIT Transporter’s Manual
	 	 
	ANNEX TP-4	Product Transport Rates per Polyduct
	 	 
	ANNEX TP-5	ECOPETROL’s Contracted Capacity per Polyduct
	 	 
	ANNEX TP-6	CENIT Measurement Manual
	 	 
	ANNEX TP-7	Conditions for the Use of the Strategic Inventory

 

Chapter
II – Product Storage Service

 

	ANNEX AP-1	Storage Installations
	 	 
	ANNEX AP-2	ECOPETROL’s Contracted Capacity for Storage
	 	 
	ANNEX AP-3	Storage Service Rates

 

Chapter
III – Tank Truck Product Loading Service

 

	ANNEX CPC-1	Platforms
	 	 
	ANNEX CPC-2	ECOPETROL’s Contracted Capacity per Platform
	 	 
	ANNEX CPC-3	Tank Truck Product Loading Service Rates
	 	 
	ANNEX CPC-4	Operation and Loading Standards

 

Chapter
IV – Portside Product Unloading Service

 

	ANNEX DPP-1	Ports
	 	 
	ANNEX DPP-2	Portside Product Unloading Service Rates
	 	 
	ANNEX DPP-3	Port Operation Regulations
	 	 
	ANNEX DPP-4	Procedure for Resolving Delays
	 	 
	ANNEX DPP-5	ECOPETROL’s Contracted Capacity for Ports

 

    	38

    	 

    

 

	ANNEX DPP-6	Port Entry and Exit Points
	 	 
	ANNEX DPP-7	Procedure for Scheduling Windows
	 	 
	ANNEX DPP-8	Product Quality Specifications for Unloading in Ports
	 	 
	ANNEX DPP-9	MARPOL

 

		(iii)	Should any provision of this Master Service Contract be prohibited, null, ineffective or incapable
of enforcement in accordance with current law, the remaining stipulations shall survive it with full binding and obligatory effect
for the Parties, unless the provision found to be prohibited, null, ineffective or unenforceable was essential in nature, to the
extent that it would not be possible to interpret or comply with the same in the absence of that provision. In such an event, the
Parties agree in good faith to negotiate a legally valid Clause whose purpose matches the provision or provisions suffering from
the defects of nullity, invalidity or unenforceability.

 

		(iv)	The termination of this Master Service Contract shall not relieve the Parties of any
                                                              obligation owed to the other Party in accordance with this Master Service Contract, or from liability for any loss, cost,
                                                              damage, expense or responsibility that could arise under this Master Service Contract before or as a result of the
                                                              aforementioned termination.

 

Clauses 1, 11, 12, 15, 16,
17, 23, 25 and 29, among others, shall therefore survive the termination of this Master Service Contract.

 

		Section 30.02	Amendments

Only those amendments to this Master Service
Contract and its Chapters and Annexes shall be valid as recorded in a document signed by both Parties. No changes to the shareholder
composition of CENIT shall be tantamount to an amendment to the conditions agreed to in this Master Service Contract.

 

		Clause 31	Finalization of the Contract

 

The Master Service Contract shall only
be regarded as finalized once it has been signed.

 

		Clause 32	Legal and Contractual Requirements for Execution

 

The execution of the Master Service Contract
may only commence on the Date of Commencement.

 

    	39

    	 

    

 

		Clause 33	Definitions

 

A

 

Additional Capacity: The capacity
in addition to the Firm Capacity for each of the Services to which ECOPETROL is entitled by virtue of the Master Service Contract
and which shall be calculated in BPCD. CENIT has no firm commitment with respect to this capacity; that is to say, it is offered
by CENIT under the uninterrupted modality.

 

Affiliate: This is: (i) any person
who directly or indirectly controls any of the Parties; (ii) a legal entity directly controlled by the Parties; (iii) a legal entity
indirectly controlled by any of the Parties through its subsidiaries. A control situation shall be understood as existing when
the events provided in article 261 of the Commercial Code occur.

 

Agent: Any natural or legal person,
whether public or private, who participates in the technical and/or commercial aspects of the provision of the Product Transport
Service, Product Storage Service and Portside Product Loading Service in accordance with current regulations where applicable.

 

API: Either (i) the American Petroleum
Institute, or (ii) a unit of density used internationally as one of the properties for determining the sale of Hydrocarbons. It
is defined as follows: API = 141.5/SG-131.5 in which SG is defined as specific gravity.

 

Asset Contribution Contract: Contract
by means of which ECOPETROL transfers infrastructure or assets owned, franchised or approved by it to CENIT.

 

Authorized Quantity: Quantity of
the Products that CENIT accepts for transportation by the Transport System.

 

Available Capacity: For a specific
infrastructure and over a specific period of time, this is the difference between the Effective Capacity and the total of: (i)
the Owner’s Capacity and (ii) the Contracted Capacity.

 

B

 

Barrel: Unit of Product volume equal
to forty-two (42) U.S. gallons. Each gallon is equivalent to three liters and seven thousand eight hundred fifty-three ten-thousandths
of a liter (3.7853).

 

Barrel Per Calendar Day (BPCD):
The unit of measure of the flow rate with respect to the average value for a specific period.

 

Barrel Per Operational Day (BPOD):
The unit of measure of the flow rate with respect to days of effective operation.

 

Batch: Batches are product volumes
that are different and fully differentiated and that are transported along the polyduct one after the other in a predefined sequence,
with interphases occurring between them.

 

    	40

    	 

    

 

C

 

Calendar Month: The period of time
beginning at 00:00:01 hours on the first Day of a calendar month and ending at 24:00 hours on the last Day of the same calendar
month. It is always stated in Colombian time.

 

Calendar Year: The period beginning
at 00:00:01 hours on January first (1) of each year and ending December thirty-first (31) of the same year at 24:00 hours. It is
always stated in Colombian time.

 

CENIT: CENIT Transporte y Logística
de Hidrocarburos S.A.S., as identified at the beginning part of the Master Service Contract.

 

Claimant Party: Any of the Parties
that are signatories to this Master Service Contract that brings a complaint or pertinent action to make good the indemnities.

 

Commencement Date: Either the date
on which the commencement of the project is signed or the date expressly provided in the latter.

 

Competent Authority: Any entity
or body, regardless of its nature, that is capable of issuing any type of law, regulation, judgment, award, decree, resolution,
action, or capable of imparting instructions, whether for general or specific application, that are of obligatory compliance, or
that has the capacity for applying the same.

 

Contracted Capacity: The total transport,
storage and loading capacity that CENIT has contracted with its clients under the firm modality for a specific infrastructure and
which shall be calculated in BPCD.

 

D

 

Date of Signing: The date on which
this Master Service Contract is signed, indicating the commencement of the General Conditions of this Master Service Contract.

 

Day or Days: Calendar day
or calendar days, respectively.

 

Declared Value of the Product: The
individual value held by each Product as assessed at the time it is delivered to CENIT at the Point of Entry.

 

Delivery: The action by means of
which a given volume of the Shipper’s Products are transferred to CENIT’s custody for transportation via the Polyduct.

 

For the other Services, this is the action
by means of which a given volume of the Shipper’s Products are transferred to CENIT’s custody to be stored in tanks
or when they are loaded in Ports.

 

Diluent: The natural or refined
Product that is mixed with heavy Crude Oil to provide the crude oil with those quality specifications required for it to be effectively
transported by each of the Oil Pipelines, so long as this Diluent can be transported by the Transport System.

 

    	41

    	 

    

 

For the other Services, this is the natural
or refined Product that is mixed with heavy Crude Oil to provide the crude oil with those quality specifications required for it
to be effectively stored in tanks, unloaded on Unloading Platforms, loaded into tank trucks or in Ports, so long as this Diluent
can be stored or transported by CENIT infrastructure.

 

Duration of Validity: This shall
have the meaning contained in Section 4.01 of the General Conditions of the Master Service Contract.

 

E

 

ECOPETROL: ECOPETROL S.A., as identified
at the beginning part of the Master Service Contract.

 

ECOPETROL’s Contracted Capacity:
The entire capacity committed by CENIT to ECOPETROL for the provision of the Services of the Master Service Contract by CENIT including
the Firm Capacity and Additional Capacity modalities, which capacity shall be calculated in BPCD.

 

Effective Capacity: The maximum
average transport capacity that is effectively available. It is calculated as a product of the Nominal Capacity multiplied by the
Service Factor.

 

For other Services, this means the maximum
average daily capacity that is effectively available. It is calculated as a product of the Nominal Capacity multiplied by the Service
Factor.

 

Entry Points: Exact point in the
Transport System, for storage, loading of tank trucks or Unloading in Ports at which CENIT takes custody of the Product delivered
by ECOPETROL. These are described in Annex TP-5 of the Chapter on Product Transport Service, Annex AP-2 of the Chapter on Product
Storage Service, Annex CPC-2 of the Chapter on Tank Truck Product Loading Service and Annex DPP-5 of the Chapter on Portside Product
Unloading Services.

 

Exit Points: Exact point in the
Transport System, for storage, loading of tank trucks or Unloading in Ports at which ECOPETROL receives the Product delivered by
CENIT which thereby ceases to have custody of the Product. These are described in Annex TP-5 of the Chapter on Product Transport
Service, Annex AP-2 of the Chapter on Product Storage Service, Annex CPC-2 of the Chapter on Tank Truck Product Loading Service
and Annex DPP-5 of the Chapter on Portside Product Unloading Services.

 

F

 

Firm Capacity: The portion of ECOPETROL’s
Contracted Capacity composed of the “Ship or Pay” and “Ship and Pay” modalities for each of the Services
to which ECOPETROL is entitled by virtue of the Master Service Contract, calculated in BPCD.

 

Followup Committee: The
committee established to track the execution of this Master Service Contract in accordance with the regulations established
in  Clause 9 of the General Conditions.

 

    	42

    	 

    

 

G

 

Gallon: One U.S. gallon or one of
forty-two parts (1/42) of a Barrel.

 

General Conditions: The “GENERAL
CONDITIONS” section of the Master Service Contract.

 

Gross Barrel: Product volume including
dissolved water and water and sediment in suspension, but excluding free water and bottom sediments, calculated under standard
conditions (60°F and 14.7 lbf/in2, or 15°C and 1.01325 bars).

 

I

 

Identifiable Losses: Loss of Products
that can be traced to a specific point on the Polyduct and that can be attributed to specific events such as fractures, spills,
force majeure or act of nature.

 

Indemnifying Party: Any of the Parties
that are signatories to this Master Service Contract who are responsible for indemnifying the Claimant Party.

 

Information: Information classified
as confidential in accordance with the regulations provided in Article 18 of the General Conditions of this Master Service Contract.

 

Interphase: The mix that occurs
during normal operations of the Polyduct between adjacent batches of Products with different specifications.

 

Inventory in Transit: Part of the
line fill corresponding to the volume of Product to be delivered to the Shipper.

 

J

 

Justified Event: Any instance of
force majeure, act of nature, action by a third party or exclusive culpability of the victim and/or characteristic and inherent
defects in the Product.

 

L

 

Line Fill: All Product volumes necessary
to maintain the Polyducts in permanent operation.

 

The Line Fill includes but is not limited
to non-pumpable resources in tanks and line fills for processing and machinery.

 

For the other Services, this refers to
all Product volumes necessary to maintain the tanks, Unloading Platforms and Ports in permanent operation, including but not limited
to non-pumpable resources in tanks and line fills for processing and machinery.

 

    	43

    	 

    

 

M

 

Marketing Rate: The financial compensation
that ECOPETROL must pay CENIT for its marketing of ECOPETROL’s Temporary Capacity Release.

 

Master Service Contract: The General
Conditions and their corresponding Chapters and Annexes.

 

Measurement Manual: The document
that contains the General Conditions for the measurement of Products, which is attached as Annex TP-6 to Chapter I — Product
Transport Service by Polyduct of this Master Service Contract.

 

Minimum Availability of Firm Capacity:
The minimum availability value of ECOPETROL’s Firm Capacity required to guarantee CENIT’s infrastructure. It is
calculated in accordance with the formula established in Section 3.03 of the General Conditions.

 

Monetary Conditions: Where applicable,
refers to the tables or formulae used to calculate the surcharges and discounts applicable to the Transport Rate for commercial
concepts.

 

N

 

Net Barrel: The Product volume excluding
total water and total sediment, calculated under standard conditions (60°F and 14.7 lbf/in2, or 15°C and 1.01325
bars).

 

Nominal Capacity: The maximum transport
capacity between a pumping station and a Polyduct terminal, or between two pumping stations, calculated on the basis of the equipment
installed in a Polyduct and the amount of Product anticipated for a specific period. Expressed in BPOD.

 

For other Services, this means the maximum
calculated capacity, calculated on the basis of the equipment installed in a Polyduct and the amount of Product anticipated for
a specific period.

 

Nominated Quantity: The quantity
of the Products that ECOPETROL requests be transported by the Transport System and that it allocates in the corresponding nomination.

 

Nomination: Request for Service
for the Operational Month that specifies the volume of transport required, the Entry Point, the Exit Point and the Product being
transported.

 

For the other Services, this refers to
the corresponding request for Service that formalizes the Shipper for an Operational Month, that specifies the volume required
for each tank and Platform, the Entry Point, the Exit Point, the Product and the ownership of the Products whose loading onto the
tank trucks and/or unloading at the port is being requested.

 

    	44

    	 

    

 

O

 

Operating Storage: This is the amount
of fuel necessary for efficient transport operations, which shall be maintained in the Transport System.

 

Operation and Maintenance Contract:
Contract by means of which ECOPETROL will provide operating, maintenance and related services to infrastructure owned by CENIT.

 

Operational Decline: Alteration
in the quality of Products during the provision of Product Transport Service owing to the mix of these as a result of the operation
of the Transport System in Batches. Operational Decline does not imply a reduction in the total volume of product transported by
the Transport System.

 

Operational Month: The Calendar
Month for which ECOPETROL has nominated each of the Services and during which CENIT meets the Delivery and Receiving Schedule.

 

Owner’s Capacity: The capacity
required by CENIT for a specific infrastructure in order to supplement its operational needs.

 

P

 

Party or Parties: CENIT or
ECOPETROL, or both, depending on the context in which the term is used.

 

Permanent Capacity Release: ECOPETROL’s
Firm Capacity released on a permanent basis in accordance with the regulations stated in Section 3.05 (ii) of the General Conditions
of this Master Service Contract.

 

Platforms: All of the physical installations
necessary for the loading of ECOPETROL Products onto tank trucks by virtue of the Master Service Contract.

 

Polyduct: All physical installations
necessary for transporting the Product from a Point of Entry or a Point of Exit to the next Point of Exit including, among others,
the piping, pumping units, measuring stations, control systems and storage capacity necessary for the operation of the Transport
System.

 

Ports: The accumulation of physical
elements including works, access canals, installations and services that under favorable circumstances permit the usage of a coastal
or riverbank area for carrying out the loading and unloading of all types of ships and the transfer of property between land, maritime
and/or river transportation. Within the port are port terminals, piers and wharves.

 

Portside Product Unloading Rate:
The financial compensation that ECOPETROL must pay CENIT for the Portside Product Unloading Service.

 

Portside Product Unloading Service:
The portside unloading service for ECOPETROL Products to be provided by CENIT to ECOPETROL, the regulations of which are contained
in the General Conditions of this Master Service Contract, the Chapter on Chapter on Portside Product Unloading Service (Chapter
IV) and its annexes.

 

    	45

    	 

    

 

Product Storage Rate: The financial
compensation that ECOPETROL must pay CENIT for the Product Storage Service.

 

Product Storage Service: The storage
service for ECOPETROL Products to be provided by CENIT to ECOPETROL, the regulations of which are contained in the General Conditions
of this Master Service Contract, the Chapter on Product Storage Service (Chapter II) and its annexes.

 

Product Transport Rate: Single monetary
value, per Barrel or Gallon, transported on a Trajectory and charged by CENIT to ECOPETROL in accordance with the provisions of
the current regulations.

 

Product Transport Service: The transport
service by Polyduct for ECOPETROL Products to be provided by CENIT to ECOPETROL, the regulations of which are contained in the
General Conditions of this Master Service Contract, the Chapter on Product Transport Service (Chapter I) and its annexes.

 

Products: These are any liquid fuels
derived from petroleum and classifiable within the categories of gasolines, kerosenes and including aviation fuels (avgas), regular
and extra engine gasoline, aviation fuels for turbofan engines, kerosene, diesel extra or low sulfur, regular diesel to meet current
Colombian quality standards, marine diesel (also known as gas oil, intersol, diesel No. 2), diesel and its mixtures with biofuels
in accordance with current standards, naphtha and diluent.

 

Property: The infrastructure and/or
assets transferred by ECOPETROL to CENIT at the time of the transfer of assets covered in the Asset Contribution Contract.

 

Prudent Industry Practices: The
practices generally applied by an experienced and prudent operator and maintainer of Hydrocarbon transport infrastructure in the
United States of America, adapted where necessary for the development of operations in Colombia for climatological, topographic,
public order and socio-environmental reasons, and in view of the known condition of the infrastructure.

 

Q

 

Quality Specifications: The quality
specifications that the Product must have in order for the Services to be carried out, as described in Annex TP-1 of the Product
Transport Service Chapter.

 

Quantity Delivered: Total quantity
of the Products that ECOPETROL delivers to the Entry Points of the Transport System. This quantity is calculated not by taking
each Individual Product amount into consideration but by taking all the Products together.

 

    	46

    	 

    

 

Quantity Received: Total quantity
of the Products that ECOPETROL takes at the Exit Points of the Transport System. This quantity is calculated not by taking each
Individual Product amount into consideration but by taking all the Products together.

 

R

 

Reasonable Steps: Those reasonable
and timely measures as a provider of full Product transport, storage and loading Services is able to take given the demands of
the business and Prudent Industry Practices in order to avoid injury or the aggravation of the same.

 

Regulations on Port Operations:
Document that regulates the relationship between the Shippers and CENIT in order to ensure the best, safest and most timely provision
of Port Services together with the fulfillment of related operations, approved by the Ministry of Transportation, together with
its amendments and additions.

 

S

 

Scheduled Capacity: The portion
of the Effective Transport Capacity of the Polyduct that is allocated to each Shipper or Third Party requesting Product Transport
Service by means of the Delivery and Receiving Schedule, in accordance with the provisions of this Master Service Contract.

 

For the other Services, this refers to
the portion of the Effective Capacity allocated to each Shipper or Third Party requesting the service in question.

 

Scheduling of Deliveries and Receipts:
The scheduling of Polyduct operations for an Operational Month prepared by CENIT on the basis of the transport Nomination cycle.

 

For the other Services, this refers to
the operation schedule for tanks, Loading of tank trucks and Portside Unloading of Products for an Operational Month prepared by
CENIT on the basis of the transport Nomination cycle.

 

Service Factor: The percentage of
the Nominal Capacity that can effectively be used owing to restrictions of a temporary operational nature and those connected with
the maintenance of the Polyduct and its related and complementary installations, calculated for a specific period during which
consideration should be made of the effects of the non-availability of mechanical equipment, line maintenance schedules and the
number of days involved.

 

    	47

    	 

    

 

For the other Services, this is the percentage
of the Nominal Capacity that can effectively be used owing to restrictions of a temporary operational nature and those connected
with the maintenance of tanks, Platforms and their related and complementary installations, calculated for a specific period during
which consideration should be made of the effects of the non-availability of mechanical equipment, line maintenance schedules and
the number of days involved.

 

Service Rates: Jointly, the Product
Transport Rate, the Product Storage Rate, the Tank Truck Product Loading Rate and the Portside Product Unloading Rate, which will
be defined and updated under the terms provided in the regulations, and failing this, by the provisions of this Contract.

 

Services: Jointly, the Product Transport
Service, the Product Storage Service, the Tank Truck Product Loading Service and the Portside Product Unloading Service.

 

Ship and Pay: The modality under
which part of the Firm Capacity is committed and by virtue of which ECOPETROL is obliged to pay a Service Rate solely for those
volumes actually used within the aforementioned capacity.

 

Ship or Pay: The modality under
which part of the Firm Capacity is committed and by virtue of which ECOPETROL is obliged to pay a Service Rate solely for the volume
committed regardless of whether the aforementioned capacity was used or not.

 

Shipper: Party that contracts a
service and signs an agreement relating to any Services with CENIT. It is understood that the Shipper acts as owner of the Product
to be transported, stored and loaded onto tank trucks unless otherwise specified. For the purposes of this Contract, ECOPETROL
is understood as being a Shipper.

 

Shipper Balance: The Volumetric
Balance for each of the clients to which CENIT provides Services.

 

Shipper’s Installations: Refers
to all the installations necessary to connect ECOPETROL with CENIT’s infrastructure.

 

Storage Installations: The physical
installations in the care of CENIT that are constructed and operated on land and are required for the storage, handling and dispatching
of Liquid Fuels; for the purposes of this Contract, the Storage Installations shall be those indicated in Chapter II — Product
Storage Service.

 

Strategic Inventory: Inventory of
fuels used to replenish different operational events that could jeopardize the storage of Products.

 

T

 

Tank Truck Product Loading Rate:
The financial compensation that ECOPETROL must pay CENIT for the Tank Truck Product Loading Service.

 

Tank Truck Product Loading Service:
The tank truck product loading service for ECOPETROL to be provided by CENIT to ECOPETROL, the regulations of which are contained
in the General Conditions of this Master Service Contract, the Chapter on Tank Truck Product Loading Service (Chapter III) and
its annexes.

 

Temporary Capacity Release: ECOPETROL’s
Firm Capacity released on a temporary basis in accordance with the regulations stated in Section 3.05 (ii) of the General Conditions
of this Master Service Contract.

 

Theft: Those quantities of Product
illegally removed from the Transport System by third parties during the provision of Transport Service.

 

Third Party: Any person alien to
this Master Service Contract.

 

    	48

    	 

    

 

Trajectory: The part of the Polyduct
encompassing a Point of Entry and a Point of Exit and which must have a Product Transport Rate.

 

Transport Contract: The meeting
of minds formalized in writing between the Transporter and a Shipper whose purpose is or includes the transport of Products by
Polyduct.

 

For the purposes of this document, the
Parties understand that the Transport Contract includes the General Conditions of the Master Service Contract and Chapter I on
the Transport of Products of ECOPETROL.

 

Transport System: The accumulation
of Polyducts owned by CENIT.

 

Transporter: The person that provides
transportation service via Polyducts. For the purposes of this Contract this will be CENIT, as identified at the beginning part
of the Master Service Contract.

 

Transporter’s Manual: Document
containing information together with CENIT’s operational and administrative procedures aimed at regulating the operation
of the Transport System, and attached as Annex TP-3 to Chapter I — Product Transport Service by Polyduct of this Master Service
Contract.

 

U

 

Unidentifiable Losses: Ordinary
losses inherent in the operation of the Services, including among others:

 

		·	Mixing.

		·	Drainage.

		·	Undetected illegal extraction.

		·	Failures in the factors of the measuring devices.

		·	Volumetric contraction.

		·	Escapes/leaks from the valves.

		·	Evaporation.

		·	Minor leaks.

		·	Uncertainties inherent in the measuring systems and related instruments.

		·	Uncertainties inherent in the bar tree analysis associated with the liquidation of volumes.

		·	Development of uncertainties inherent in procedures established at international level to determine
volumes by static and dynamic measurement.

 

Unused Capacity: The unused Effective
Capacity, consisting of the sum of: (i) the Available Capacity, (ii) the unused Owner’s Capacity and (iii) the unused Contracted
Capacity (scheduled but neither used nor nominated).

 

    	49

    	 

    

 

V

 

Volumetric Balance: The operational
balancing that CENIT will perform at the end of each Operational Month for the purpose of establishing the various Product amounts
handled for each of the Services, and for determining and distributing Identifiable Losses and Unidentifiable Losses together with
Product Theft.

 

W

 

Withdrawal: The action by which
CENIT returns to the Shipper or any party appointed by the latter a volume of Products at the Point of Exit, thereby surrendering
custody.

 

Working Day: Every day of the week
with the exception of Sundays and non-working days in accordance with Colombian law. Days shall be understood as calendar days
in this Contract unless it is explicitly stated that these are Working Days.

 

[SPACE INTENTIONALLY LEFT BLANK]

 

    	50

    	 

    

 

	 	Master Service Contract for Products

Chapter I – Product Transport Service by Polyduct	 

 

Chapter
I

Product
Transport Service by Polyduct 

 

In addition to the terms contained in the
General Conditions of the Master Service Contract, the Parties agree that the Product Transport Service will be governed by the
following,

 

CLAUSES

 

		Clause 1	Scope of Service

 

Section 1.01

This Chapter and its Annexes govern the
special conditions for the provision of the Ecopetrol Product Transport Service in accordance with the General Conditions
of the Master Service Contract.

 

Section 1.02

In particular, it will cover:

 

		(i)	The use of the capacity of the Colorados-Galán Wells Line, as stipulated in Annex TP-5
of This Chapter.

 

		(a)	In the event that the Competent Authority determines the use of the capacity associated with the
Continuity Margin, ECOPETROL must release said capacity, a situation that will reduce the Contracted Capacity of ECOPETROL, notwithstanding
the provisions of subsection a, number (ii) of Section 3.05 of the Master Service Contract.

 

		(b)	In the event of the foregoing, the Released Capacity shall be deducted from the Firm Capacity in
the “Ship or Pay” method of ECOPETROL.

 

		(ii)	The Diluent Firm Capacity between Galán and the Diluent consumption sites located in Apiay
and Tocancipá, in accordance with the provisions of Annex TP-5 of This Chapter, notwithstanding the provisions of
subsection a, number (ii) of Section 3.05 of the Master Service Contract.

 

As for the Sutamarchán-Tocancipá
line, the Parties understand that priority will be given to the supply of diesel and gasoline at the Tocancipá Terminal
and the handling of Diluent at this Terminal, once the project of suspension of pumping to Puente Aranda begins, will be contingent
upon the operational ability of handling more than two (2) Products in the Sutamarchán-Tocancipá trajectory and at
the Tocancipá Terminal.

 

		(iii)	Regarding the National Network of Polyducts, included in Annex TP-2 of this Chapter and excluding
the Colorados-Galán Wells line, and in order to maintain the Strategic Inventory, ECOPETROL and CENIT undertake to jointly
reserve a capacity of up to five thousand barrels per day (5,000 BPCD).

 

    	51

    	 

    

 

		(a)	Regarding this capacity, ECOPETROL will not pay the “Ship or Pay” Rate, provided that
it involves Operations for the replacement and rotation of Strategic Inventories. It is understood that the Product Transport Service
Rate is assumed by another Shipper other than ECOPETROL, when the inventories are released in its favor.

 

		(b)	When circumstances warrant, CENIT may make use of a greater capacity than that described in the
preceding paragraph in order to address unplanned events, and it may even reach agreements with other agents that have firm contracted
capacity.

 

CENIT may make use of part of the Strategic
Inventory of ECOPETROL, after agreement by the Parties regarding the procedure applicable to such use, which will be incorporated
as Annex TP-7 once the parties reach an agreement, within a term not exceeding three (3) months from the date
of completion of this Master Service Contract.

 

		Section 1.03	Description of the Product Transport Service

CENIT undertakes to provide to ECOPETROL,
regarding the ECOPETROL Products that are listed and delivered within the Contracted Capacity of ECOPETROL, the following services,
including:

 

		(i)	Receive and accept the Product Nominations from ECOPETROL, according to the requirements of ECOPETROL
up to the Firm Capacity of ECOPETROL and in accordance with the applicable rules set forth in this Agreement and in accordance
with Annex TP-5 of this Chapter on Product Transport.

 

		(ii)	Receive at each Entry Point the ECOPETROL Product that meets the Quality Specifications of Annex
TP-1 of this Chapter on Product Transport.

 

		(iii)	Transport, preserve, store and decant the ECOPETROL Product through each one of the Polyducts specified
in Annex TP-2 and up to each Exit Point, in accordance with the Nominations made by ECOPETROL and accepted by CENIT.

 

		(iv)	Make available to ECOPETROL, at each Exit Point, the ECOPETROL Product.

 

		(v)	Carry out all activities related to the Product Transport Service of this Chapter in a coordinated
fashion with other operators that provide services of an equal or similar nature to CENIT and that may be needed to meet ECOPETROL
Product evaluation requirements (if applicable).

 

		Clause 2	Product Transport Rate

 

ECOPETROL shall pay to CENIT the Product
Transport Rates listed in Annex TP-4. The Product Transport Rates listed in said annex correspond to the rates in effect
for 2013, which will be updated in accordance with the provisions of the Master Service Contract or in regulations when there is
a ruling in this regard. In any case, ECOPETROL shall pay to CENIT the amount of the provision of the Product Transport Service
in the Firm Capacity under the “Ship or Pay” method in accordance with the provisions of this Master Service Contract.

 

    	52

    	 

    

 

		Clause 3	Contractual limits of liability of CENIT

 

For the purposes of the provisions of Section
16.02 of the General Conditions of the Master Service Contract, in situations of loss or damage of ECOPETROL Product during the
Product Transport Service, the following contractual limit of liability shall be taken into account:

 

		(i)	For consequential damages, CENIT shall pay compensation equal to seventy-five percent (75%) of
the Declared Value of the Product for each lost or damaged Barrel.

 

		(ii)	For lost profits, CENIT shall pay compensation equal
to twenty-five percent (25%) of the Declared Value of the Product for each lost or damaged Barrel.

 

		(iii)	These limits of liability will not apply in the event of fraud or gross negligence of CENIT.

 

		Clause 4	Additional Obligations of the Parties

 

Notwithstanding the provisions of Clause
8 of the General Conditions of the Master Service Contract, the Parties shall have the following Obligations:

 

		Section 4.01	CENIT

 

		(i)	Authorize the Product Transport Service in the Nominated Quantity, provided that this is equal
to or less than the Firm Capacity, and issue the corresponding Delivery and Receiving Schedule in accordance with the provisions
of this Master Service Contract.

 

		(ii)	Receive the full amount of the Products delivered by ECOPETROL or its designee, at the Entry Points,
provided that ECOPETROL complies with the Delivery and Receiving Schedule and the Quality Specifications of the Products.

 

		(iii)	Transport and deliver to ECOPETROL at the Exit Points, the Delivered Quantity, discounting the
Identifiable and Unidentifiable Losses and Thefts.

 

		(iv)	Maintain the Quality Specifications of the Products delivered by ECOPETROL in accordance with the
provisions contained in Annex TP-1, except for variations in quality of the Products produced as a result of Operational Decline.

 

		(v)	Measure the Quantity Delivered and Quantity Received and verify the quality of the Products at
the Entry and Exit Points. This notwithstanding ECOPETROL’s obligation to verify the quality of the Products that it delivers
to CENIT for those cases in which the same correspond to imported Product.

 

    	53

    	 

    

 

		(vi)	Process the claims filed by ECOPETROL in a timely manner, within the terms established herein.

 

		(vii)	Others that arise from this Agreement or regulations in effect.

 

		(viii)	Perform Volumetric Balance and Shipper Balance applicable to ECOPETROL in accordance with the provisions
of this Agreement.

 

		Section 4.02	ECOPETROL

 

		(i)	Provide nominations to CENIT of the Quantities of Products required to be transported in accordance
with the provisions of this Chapter.

 

		(ii)	Deliver, directly or through a party designated for such purpose, the Authorized Quantity to CENIT
at the Entry Points, in accordance with the Delivery and Receiving Schedule. The Product delivered to CENIT must meet the Product
Quality Specifications in accordance with the provisions of Annex TP-1.

 

		(iii)	Receive the Authorized Quantity at the Exit Points, in accordance with the Delivery and Receiving
Schedule.

 

		(iv)	Perform, at its own expense and risk, the preventive and corrective maintenance and operation of
the Shipper’s Installations in accordance with the provisions of the Transporter’s Manual, and in the absence thereof,
with Prudent Industry Practices.

 

		(v)	Process and keep up to date each and every one of the permits, licenses or authorizations required
by the Competent Authorities for the proper operation and functioning of the Shipper’s Installations.

 

		(vi)	Provide to CENIT, at the proper time, all information that may be useful and necessary for the
performance of the Agreement so that CENIT may conduct its business in a timely, dynamic and effective manner.

 

		(vii)	Others that arise from this Agreement or regulations in effect.

 

		Clause 5	Nomination.

 

Section 5.01

ECOPETROL must prepare the Nomination for
CENIT of the quantities of Products required to be transported through the Transport System in accordance with the Nomination Procedure
issued by CENIT.

 

    	54

    	 

    

 

Section 5.02

ECOPETROL may nominate quantities of Products
in addition to the Firm Capacity, which may be accepted by CENIT if there is Available Capacity in the Transport System, notwithstanding
the provisions in Section 2.03 (ii) subsection b.

 

Section 5.03

The foregoing is notwithstanding the procedure
that the parties agree to for the handling of Strategic Inventories.

 

		Clause 6	Authorization, Delivery and Receipt.

 

		(i)	CENIT shall inform ECOPETROL of the Authorized Quantity in accordance with the Nomination Procedure.

 

		(ii)	CENIT shall prepare in a discretionary manner the Delivery and Receiving Schedule, to the extent
possible, to adapt its operations to the needs expressed by ECOPETROL for the scheduling of Deliveries. In any case, compliance
with the deliveries will be measured in accordance with the cycles defined in the Nomination Procedure.

 

Section 6.02

The Product Transport Service of this agreement
includes managing inventories in an Operational Storage method, in accordance with the operational needs of CENIT.

 

		Clause 7	Quality of the Products.

 

		Section 7.01	Quality of Products delivered by ECOPETROL

If the Products delivered by ECOPETROL
do not meet the Quality Specifications of Products stipulated in Annex TP-1, CENIT will notify ECOPETROL of the deficiency
in quality and may reject them or ask ECOPETROL to pay the costs required for transporting the Products outside of the Quality
Specifications, in which case the Parties must agree on the costs beforehand. This is notwithstanding the provisions of Section
6.01 of the General Conditions of the Master Service Contract.

 

		Section 7.02	Quality of Products delivered by CENIT

Except for the variations in quality of
the Products produced as a result of Operational Decline, if the quality conditions of the Products delivered by CENIT at the Exit
Point do not meet the quality specifications of Annex TP-1, ECOPETROL may reject the Products and ask CENIT to pay the damages
resulting from the change in quality of the Products during the Product Transport Service, without exceeding the limit of liability
stipulated in Clause 3 of this Chapter. The Parties may agree whether or not damaged Product forms part of the compensation.

 

    	55

    	 

    

 

ECOPETROL acknowledges and accepts that
the Product Transport Service, given the operation by Batches, generates Transmix and changes in the quality of the Products at
the Exit point in relation to the quality that they had at the Entry point. The Parties agree that they will assume what corresponds
to each one in the provisions defined by the Competent Authority with regard to handling transmix and Operational Decline and shall
make the corresponding adjustments to this Master Service Contract, Chapters and Annexes hereto.

 

		Clause 8	Ownership of the Products.

 

ECOPETROL warrants that it holds the unencumbered
title of ownership of the Products, as well as the right to transfer possession of the Products, or to transfer them for its account
to CENIT at the Entry Points. ECOPETROL shall release CENIT from any liability and indemnify it and against any claim, legal action,
or damages that may result from lawsuits or claims by third parties that dispute the ownership of the Products that are transported.

 

Section 8.01

At the Entry Points, CENIT will merely
receive possession of the Products, whereby ECOPETROL will continue to hold ownership of the Products while they are transported
through the Transport System. CENIT will exercise custody over the Products under the terms and conditions of this Master Service
Contract and applicable legislation, from the time at which it receives them at the Entry Points until ECOPETROL takes them at
the Exit Points.

 

		Section 8.02	Balances

CENIT shall perform a balance between
the total quantities of Products received by CENIT to be transported through the Transport System and the total quantities of
Product delivered to the Shippers once the Product Transport Service is completed, within each Operational Month, with the
purpose of establishing the Identifiable and Non-Identifiable Losses, Operational Decline and Theft (the “Volumetric
Balance”). Once the Volumetric Balance is performed, CENIT shall determine on a pro-rated basis the percentage
represented of the quantities of ECOPETROL Products against the total quantities of Products received by CENIT to be
transported through the Transport System in the respective Operational Month, the percentage of the Identifiable and
Unidentifiable Losses, Thefts and Operational Decline established in the Volumetric Balance that corresponds to ECOPETROL to
assume (the “Shipper Balance” applicable to ECOPETROL).

 

		Clause 9	Measuring

 

		Section 9.01	Transitional System

For purposes of this Chapter, the Parties
agree that the measuring will be governed by the ECOPETROL Measurement Manual during the first year counted from the Date of Signature.
From that time, the measuring will be governed by the CENIT Measurement Manual, and CENIT must guarantee that it complies with
the Prudent Industry Practices, and in particular the API Manual of Petroleum Measurement Standards.

 

    	56

    	 

    

 

ECOPETROL will send to CENIT the ECOPETROL
Measurement Manual within the first five (5) Days following the Date of Signature.

 

Section 9.02

The Parties agree that for purposes of
this Chapter, the dynamic methodology for measurement will apply, in accordance with the Quality Specifications of the Product
and the Measurement Manual incorporated into this Master Service Contract in Annex TP-6 or the ECOPETROL Measurement Manual,
as applicable pursuant to Section 9.01 of this Chapter.

 

Section 9.03

CENIT undertakes to keep dynamic meters
at the Entry and Exit Points of the Property during the entire life of the Master Service Contract.

 

		Section 9.04	Backup Measuring

Notwithstanding the provisions of Section
9.02 of this Chapter, in the cases when for some reason the dynamic measuring methodology cannot be applied, the Parties understand
that the static measuring methodology must be applied, in accordance with the Product Quality Specifications and the Measurement
Manual incorporated into this Master Service Contract in Annex TP-6 or the ECOPETROL Measurement Manual, as applicable in
accordance with Section 9.01 of this Chapter.

 

Section 9.05

Differences that arise between the Parties
during the dynamic measurement or static measurement shall be resolved pursuant to the procedures set forth in Clause 23 of the
General Conditions of the Master Service Contract.

 

		Clause 10	Procedures and Regulations Applicable to the Transport
Service

 

The procedures and regulations indicated
below, which form an integral part of this Master Service Contract as annexes, constitute the rules governing the conditions of
operation and Product Transport Service of ECOPETROL. The aspects contained in the General Conditions of the Master Services Agreement
and this Chapter shall prevail over the conditions established in the annexes to this Chapter. The procedures and regulations are:

 

		(i)	Quality Specifications, incorporated into this Master Service Contract as Annex TP-1.

 

		(ii)	Polyducts, incorporated into this Master Service Contract as Annex TP-2.

 

		(iii)	CENIT Transporter’s Manual, incorporated into this Master Service Contract as Annex
TP-3.

 

		(iv)	Product Transport Rates per Polyduct, incorporated into this Master Service Contract as
Annex TP-4.

 

    	57

    	 

    

 

		(v)	ECOPETROL Contracted Capacity per Polyduct, incorporated into this Master Service Contract
as Annex TP-5.

 

		(vi)	CENIT Measurement Manual, incorporated into this Master Service Contract as Annex TP-6.

 

		(vii)	Conditions of use of the Strategic Inventory, incorporated into this Master Service Contract
as Annex TP-7.

 

[SPACE INTENTIONALLY LEFT
BLANK]

 

    	58

    	 

    

 

ECOPETROL – CENIT

	 	Master
Service Contract for Products
 Chapter III – Tank Truck
Product Loading Service	 

 

Chapter
II

Product
Storage Service 

 

In addition to the terms contained in the
General Conditions of this Master Service Contract, the Parties agree that the Product Storage Service will be governed by the
following:

 

CLAUSES

 

		Clause 1	Scope of Service

 

Section 1.01

This Chapter and its annexes govern the
special conditions for the provision of the Ecopetrol Product Storage Service in accordance with the General Conditions of
the Master Service Contract.

 

This chapter will not apply to Operational
Storage except for those at the Colorados Wells Terminal.

 

In the event that the Competent Authority
determines the use of the capacity associated with the Continuity Margin, ECOPETROL must release said capacity, a situation that
will reduce the Contracted Capacity of ECOPETROL, notwithstanding the provisions of subsection a, number (ii) of Section 3.05 of
the Master Service Contract.

 

In the event of the foregoing, the Released
Capacity shall be deducted from the Firm Capacity in the “Ship or Pay” method of ECOPETROL.

 

		Section 1.02	Description of the Service

 

		(i)	On providing the ECOPETROL Product Storage Service within the infrastructure defined in Annex
AP-1 of this Chapter, CENIT undertakes to:

 

		(a)	Receive the ECOPETROL Product for storage thereof up to the Firm Capacity set forth in Annex
AP-2 at the Entry Point, in exchange for the payment of remuneration, in accordance with the terms and conditions set forth
in this Chapter.

 

		(b)	Store, preserve and maintain the ECOPETROL Product.

 

		(c)	Deliver to ECOPETROL or its designee the ECOPETROL Product at the Exit Points.

 

		Clause 2	Storage Service Rates

 

The rates that ECOPETROL will pay to CENIT
for the provision of the Product Storage Service will be those set forth in Annex AP-3.

 

    	59

    	 

    

 

		Clause 3	Contractual Liability Limits of CENIT

 

For the purposes of the provisions of Section
16.02 of the General Conditions of the Master Service Contract, in situations of loss or damage of ECOPETROL Product during the
Product Transport Service, the following contractual limit of liability shall be taken into account:

 

		(i)	For consequential damages, CENIT shall pay compensation equal to seventy-five percent (75%) of
the Declared Value of the Product for each lost or damaged Barrel.

 

		(ii)	For lost profits, CENIT shall pay compensation equal
to twenty-five percent (25%) of the Declared Value of the Product for each lost or damaged Barrel.

 

		(iii)	These limits of liability shall not apply in the event of fraud or gross negligence of CENIT.

 

		Clause 4	Additional Obligations of the Parties

 

Notwithstanding the provisions of Clause
8 of the General Conditions of the Master Service Contract, the Parties shall have the following Obligations:

 

		Section 4.01	CENIT

		(i)	Make available to ECOPETROL the Firm Capacity detailed in Annex AP-2 during the life of
this Master Service Contract.

 

		(ii)	Receive the ECOPETROL Product at the Entry Point and deposit it at the Storage Installations up
to the Firm Capacity and in accordance with the Delivery and Receiving Schedule and at the Tanker receiving Windows.

 

		(iii)	Allow the withdrawal of the Product, under the terms set forth in this Master Service Contract
and in this Chapter.

 

		(iv)	Preserve the quality conditions of the Product in accordance with the terms of this Master Service
Contract. The foregoing is notwithstanding ECOPETROL’s obligation to verify the quality of the Products that it delivers
to CENIT for those cases in which the same correspond to imported Product.

 

		(v)	Others that arise from this Agreement or regulations in effect.

 

		Section 4.02	ECOPETROL

		(i)	Deliver the Product at the Entry Point in compliance with the Quality Specifications set forth
in Annex TP-1 to Chapter 1—Product Transport Service by Polyduct.

 

		(ii)	Send the scheduled Tanker receiving windows to CENIT.

 

		(iii)	Maintain its status as importer/refiner.

 

    	60

    	 

    

 

		(iv)	Comply with current regulations and any others issued in the future by the Competent Colombian
Authority for customs processes of Clearance, Release and Nationalization of Product when the same proceeds from imports carried
out by ECOPETROL.

 

		(v)	Comply with the Product Rotation Cycles at the Storage Installations so as to preserve the quality
of the product.

 

		(vi)	Others that arise from this Agreement or regulations in effect.

 

		Clause 5	Authorization, Delivery and Receipt.

 

The receipt, storage and delivery of the
Product by CENIT and the corresponding delivery and pickup of the Product by ECOPETROL, shall be subject to the following rules:

 

		Section 5.01	Product Storage.

 

During Storage, CENIT will perform the
following tasks:

 

		(i)	It will store the product exclusively at the Storage Installations for the entire time it is rendering
Product Storage Services, unless CENIT requests express permission to store the Product at other facilities and ECOPETROL grants
said permission.

 

		(ii)	CENIT may store the product at other facilities in the event of a Justifiable Event.

 

		(iii)	ECOPETROL, through its authorized employees, may verify that its Product is in fact stored at the
Storage Installations at any time, provided it coordinates the visit with CENIT and complies with the HSE rules.

 

		(iv)	Product Storage Services shall cease to be provided once the product enters the Transportation
System at the Entry Point.

 

		Section 5.02	Delivery and Withdrawal Reports

CENIT will send ECOPETROL a detailed report
of the movements and inventory of ECOPETROL’s Product stored in the Storage Installations.

 

		Clause 6	Product Quality

 

		Section 6.01	Contamination.

CENIT shall ensure adherence to the ECOPETROL’s
Product Quality Specifications, which must remain within the Quality Control Specifications found in Annex TP-1 to Chapter
I – Product Transport Service by Polyduct, preventing any contamination.

 

    	61

    	 

    

 

In any event, CENIT shall not be required
to deliver the product with higher Product Quality Specifications than those received. In the event of a contamination due to improper
handling of the Product by CENIT at the Storage Installations, CENIT shall compensate ECOPETROL for any damages this situation
may have caused, unless they are the result of a Justifiable Event, or an action or omission on the part of ECOPETROL.

 

		Section 6.02	Failure to meet Product Quality Specifications on
the part of ECOPETROL

In the event the product delivered by ECOPETROL
at the Entry Point fails to meet the Quality Control Specifications found in Annex TP-1 to Chapter I – Product Transport
Service by Polyduct, CENIT will notify it of said quality deficiency and may reject it or request that ECOPETROL to pay the cost
of storing the Product that failed to meet the Quality Specifications.

 

In any case, in the event that this causes
CENIT to store quantities less than the Firm Capacity, CENIT shall have the right to receive full payment of the agreed-upon price
for storage of the Firm Capacity.

 

		Section 6.03	ECOPETROL Liability

ECOPETROL shall be liable to CENIT and
any third party for any damages they may suffer as a result of the fact that the Product delivered by ECOPETROL at the Entry Point
failed to meet the Quality Specifications or any applicable standards.

 

		Clause 7	Product Ownership.

 

ECOPETROL warrants that it is the free
and clear owner of the Product, with the right to transfer possession of the Product, or have it transferred on its behalf, to
CENIT at the Entry Point. ECOPETROL shall indemnify and hold CENIT harmless from and against any claims, legal action or damages
that may result from any claims filed by third parties disputing the ownership of the stored Product.

 

The foregoing is notwithstanding ECOPETROL’s
obligation to comply with all regulations currently in effect or which may be issued in the future by any Competent Authority for
Customs Release and Clearance of the Product in the case of Product imported by ECOPETROL.

 

Section 7.01

CENIT will receive at the Entry Point the
mere possession of the Product, and as such ECOPETROL will retain ownership rights over the Product while it is being stored at
the Storage Installations. CENIT shall have custody of the Product under the terms and conditions of this Contract and applicable
law, from the time it is received at the Entry Point until ECOPETROL removes it as established in this Contract.

 

    	62

    	 

    

 

		Clause 8	Measurement

 

		Section 8.01	Transitional System

The parties agree that for purposes of
this Chapter, measurement shall be governed by the ECOPETROL Measurement Manual for the first year, commencing with the Date of
Signature. After said time, measurement shall be governed by the CENIT Measurement Manual, which shall guarantee compliance with
Prudent Industry Practices and specifically with the API Manual of Petroleum Measurement Standards.

 

ECOPETROL shall send CENIT a copy of the
ECOPETROL Measurement Manual within five (5) days of the Date of Signature.

 

Section 8.02

The Parties agree that for purposes of
this Chapter, the dynamic measurement methodology shall be used in accordance with the Product Quality Specifications and the Measurement
Manual attached to this Master Service Contract as Annex TP-6 of Chapter I Product Transport Service by Polyduct or the
ECOPETROL Measurement Manual, as applicable, in accordance with Section 8.01 of this Chapter.

 

Section 8.03

CENIT agrees to keep dynamic measurement
modules at the Points of Entry and Points of Exit of the Property during the time the Master Service Contract is in effect.

 

		Section 8.04	Backup Measurement

Notwithstanding the provisions of Section
9.02 of this Chapter, in cases in which the dynamic measurement methodology cannot be used for some reason, the Parties agree that
static measurement methodology shall be used, in accordance with the Product Quality Specifications and the Measurement Manual
attached to this Master Service Contract as Annex TP-6 of Chapter I Product Transport Service by Polyduct or the ECOPETROL
Measurement Manual, as applicable, in accordance with Section 8.01 of this Chapter.

 

Section 8.05

Any disputes that may arise between the
Parties involving dynamic or static measurement shall be settled in accordance with the procedures established in Clause 23 of
the Master Service Contract General Terms and Conditions.

 

		Clause 9	Procedures and Regulations Applicable to the Storage
Service

 

The procedures and regulations listed below,
which are incorporated into this Master Service Contract as an annex, shall be the rules governing the operating and ECOPETROL
Product Storage Service terms and conditions. The points covered in the General Terms and Conditions of the Master Service Contract
and this Chapter shall prevail over any terms and conditions set forth in the annexes to this Chapter. The procedures and regulations
are as follows:

 

		(i)	Storage Installations, attached to this Master Service Contract as Annex AP-1

 

		(ii)	ECOPETROL Contracted Storage Capacity, attached to this Master Service Contract as Annex
AP-2

 

		(iii)	Storage Service Rates, attached to this Master Service Contract as Annex AP-3

 

    	63

    	 

    

 

[SPACE INTENTIONALLY LEFT
BLANK]

 

    	64

    	 

    

 

	 	Master Service Contract for Products

Chapter IV – Portside Product Unloading Service	 

 

Chapter
III

tank
truck product loading service

 

In addition to the terms and conditions
listed in the General Terms and Conditions of the Master Service Contract, the Parties agree that the Product Loading onto ECOPETROL
Tank Truck Service shall be governed by the following

 

CLAUSES

 

		Clause 1	Scope of Service

 

Section 1.01

This Chapter and its Annexes shall govern
the terms and conditions specific to the provision of the ECOPETROL Tank Truck Product Loading Service in accordance with the General
Terms and Conditions of the Master Service Contract.

 

For the purpose of addressing unforeseen
events, CENIT will reserve capacity of up to six thousand Barrels per day (6,000 BPCD):

 

		(i)	With regard to the capacity CENIT shall reserve, when it must be used by ECOPETROL, it will be
under the “Ship and Pay” modality, provided it involves Strategic Inventory replacement and rotation operations.

 

		(ii)	When circumstances so require, CENIT may use more capacity than that described in the above paragraph
to address unforeseen events and may even reach agreements with other agents who have firm contracted capacity.

 

		Section 1.02	Description of the Service

CENIT agrees to provide ECOPETROL, in relation
to ECOPETROL’s Products, services including but not limited to the following:

 

		(i)	Place ECOPETROL’s Product at ECOPETROL’s disposal at each of the Platforms listed in
Annex CPC-1 to this Chapter.

 

		(ii)	Receive and accept Product Nominations from ECOPETROL, in accordance with ECOPETROL’s requirements
and the rules governing ECOPETROL Contracted Capacity set forth in Annex CPC-2.

 

		(iii)	Deliver ECOPETROL’s Product at every Platform that meets the Quality Specifications set forth
in Annex TP-1 to Chapter I – Product Transport Service by Polyduct of this Chapter. The foregoing notwithstanding
ECOPETROL’s obligation to verify the quality of the Products it delivers to CENIT in the case of imported Product.

 

		(iv)	Take custody of and transfer ECOPETROL’s Product at each of the Platforms in accordance with
the Nominations made by ECOPETROL and accepted by CENIT.

 

    	65

    	 

    

 

	 	Master Service Contract for Products

Chapter IV – Portside Product Unloading Service	 

 

		Clause 2	Rates for Loading Product onto Tank Trucks

 

The rates to be paid by ECOPETROL to CENIT
for providing the Tank Truck Product Loading Service shall be those agreed upon and listed in Annex CPC-3.

 

		Clause 3	Limitation of CENIT’s Contractual Liability

 

For the effects of the provisions of Section
16.02 of the General Terms and Conditions of the Master Service Contract, in the event of loss or damage to ECOPETROL’s Product
as result of the Product Transportation Service, the following contractual liability limitations shall apply:

 

		(i)	For actual damage, CENIT shall pay compensation equal to seventy-five percent (75%) of the Declared
Value of the Product for each Barrel lost or damaged.

 

		(ii)	For lost profits, CENIT shall pay compensation equal
to twenty-five percent (25%) of the Declared Value of the Product for each Barrel lost or damaged.

 

		(iii)	These compensation limits shall not apply in the event of fraud or gross negligence on the part
of CENIT.

 

		Clause 4	Measurement

 

		Section 4.01	Transitional System

The parties agree that for purposes of
this Chapter, measurement shall be governed by the ECOPETROL Measurement Manual for the first year, counted as of the Date of Signature.
After said time, measurement shall be governed by the CENIT Measurement Manual, which shall guarantee compliance with Prudent Industry
Practices and specifically with the API Manual of Petroleum Measurement Standards.

 

ECOPETROL shall send CENIT a copy of the
ECOPETROL Measurement Manual within five (5) days of the Date of Signature.

 

Section 4.02

The Parties agree that for purposes of
this Chapter, the dynamic measurement methodology shall be used in accordance with the Product Quality Specifications and the Measurement
Manual attached to this Master Service Contract as Annex TP-6 of Chapter I Product Transport Service by Polyduct or the
ECOPETROL Measurement Manual, as applicable, in accordance with Section 4.01 of this Chapter.

 

Section 4.03

CENIT agrees to keep dynamic measurement
modules at the Points of Entry and Points of Exit of the Property during the time the Master Service Contract is in effect.

 

		Section 4.04	Backup Measurement

Notwithstanding the provisions of Section
4.02 of this Chapter, in cases in which the dynamic measurement methodology cannot be used for some reason, the Parties agree that
static measurement methodology shall be used, in accordance with the Product Quality Specifications and the Measurement Manual
attached to this Master Service Contract as Annex TP-6 of Chapter I Product Transport Service by Polyduct or the ECOPETROL
Measurement Manual, as applicable, in accordance with Section 4.01 of this Chapter.

 

    	66

    	 

    

 

	 	Master Service Contract for Products

Chapter IV – Portside Product Unloading Service	 

 

Section 4.05

Any disputes that may arise between the
Parties involving dynamic or static measurement shall be settled in accordance with the procedures established in Clause 23 of
the Master Service Contract General Terms and Conditions.

 

		Clause 5	Platform Hours and Operations

 

The provisions of the Loading and Operation
Regulations attached to this Master Service Contract as Annex CPC-4 shall apply.

 

		Clause 6	Procedures and Regulations applicable to the Tank
Truck Product Loading Service

 

The procedures and regulations governing
the Tank Truck Product Loading Service shall be those periodically agreed upon between the Parties. The General Terms and Conditions
of the Master Service Contract and this Chapter shall prevail over any terms and conditions established in the Annexes to this
Chapter.

 

		(i)	Platforms, attached to this Master Service Contract as Annex CPC-1

 

		(ii)	ECOPETROL Contracted Capacity per Platform, attached to this Master Service Contract as
Annex CPC-2

 

		(iii)	Rates for Tank Truck Product Loading Service, attached to this Master Service Contract as
Annex CPC-3

 

		(iv)	Loading and Operation Rules, attached to this Master Service Contract as Annex CPC-4

 

[THIS SPACE INTENTIONALLY
LEFT BLANK]

 

    	67

    	 

    

 

	 	Master Service Contract for Products

Chapter IV – Portside Product Unloading Service	 

 

Chapter
IV

Chapter
on Portside Product Unloading 

 

In addition to the terms and conditions
listed in the General Terms and Conditions of the Master Service Contract, the Parties agree that the Portside Product Unloading
Service shall be governed by the following

CLAUSES

 

		Clause 1	Scope of Portside Product Unloading Service

 

Section 1.01

This Chapter and its annexes shall govern
the terms and conditions specific to the provision of the Service of Unloading ECOPETROL Products at Ports in accordance with the
General Terms and Conditions of the Master Service Contract.

 

		Section 1.02	Description of the Portside Product Unloading Service

CENIT agrees to provide ECOPETROL, in relation
to ECOPETROL’s Products delivered to CENIT by ECOPETROL, services including but not limited to the following:

 

		(i)	Receive ECOPETROL’s Products arriving at the Ports in tanker ships or any other means of
transportation, provided the infrastructure exists to receive them. The foregoing notwithstanding ECOPETROL’s obligation
to comply with all regulations currently in effect or which may be issued in the future by any Competent Authority for Customs
Release and Clearance of the Product in the case of Product imported by ECOPETROL.

 

		(ii)	Guarantee the quality of the Product(s) after they have been received from ECOPETROL, in accordance
with the specifications agreed upon between the Parties, the provisions of this Chapter and Annex DPP-8.  The foregoing
notwithstanding ECOPETROL’s obligation to verify the quality of the Products it delivers to CENIT in the case of Product
imported by ECOPETROL.

 

		(iii)	Receive from the tanker ships at the Ports listed in Annex DPP-1 those ECOPETROL products
included in ECOPETROL’s Contracted Capacity.

 

		(iv)	Schedule the tanker ship Unloading Unit windows.

 

		Clause 2	Terms and Conditions of Service

 

		(i)	The provision of the Portside Product Unloading Service described in this Chapter shall be subject
to the following:

 

		(a)	The approval of the proper authorities of the assignment of the respective concession contracts
or official approvals, as applicable, to CENIT, with regard to the Ports listed in Annex DDP-1.

 

    	68

    	 

    

 

	 	Master Service Contract for Products

Chapter IV – Portside Product Unloading Service	 

 

		(b)	CENIT obtaining the proper licenses, permits and authorizations to act as concessionaire.

 

		(ii)	While the port concessions are being exercised by CENIT under the private port system, in the event
any Competent Authority modifies the interpretation of the concept of “Legally and Financially Related” discussed in
Law 1 of 1991, thereby affecting ECOPETROL’s access rights to the Ports contracted under this Chapter, CENIT shall be obligated
to diligently ensure the modification of the port concession contracts to guarantee the Services by means of the same.

 

		(iii)	Except as otherwise expressly agreed between the Parties, any modification of the Port concession
contracts or official approvals shall not imply any modification of the rights and access terms granted to ECOPETROL under this
Master Service Contract.

  

		Clause 3	Portside Product Unloading Service Rates

 

		(i)	The rates for the Portside Product Unloading Service port shall be those listed in Annex DPP-2

 

		(ii)	Any applicable rates
for Port Services shall be collected in accordance with the Port Operation Regulations.

  

		Clause 4	Limitation of CENIT’s Contractual Liability

 

For the effects of the provisions of Section
16.02 of the General Terms and Conditions of the Master Service Contract, in the event of loss or damage to ECOPETROL’s Product
as result of the Product Transportation Service, the following contractual liability limitations shall apply:

 

		(i)	For actual damage, CENIT shall pay compensation equal to seventy-five percent (75%) of the Declared
Value of the Product for each Barrel lost or damaged.

 

		(ii)	For lost profits, CENIT shall pay compensation equal
to twenty-five percent (25%) of the Declared Value of the Product for each Barrel lost or damaged.

 

		(iii)	These compensation limits shall not apply in the event of fraud or gross negligence on the part
of CENIT.

 

    	69

    	 

    

 

	 	Master Service Contract for Products

Chapter IV – Portside Product Unloading Service	 

 

		Clause 5	Procedures and Regulations applicable to the Portside
Product Unloading Service

 

Section 5.01

The procedures and regulations listed below,
which are incorporated into this Master Service Contract as an annex, shall be the rules governing Port operation and service.
The procedures and regulations shall include, but are not limited to, the following:

 

		(i)	Ports, which is attached to this Master Service Contract as Annex DPP-1.

 

		(ii)	Rates for the Portside Product Unloading Service, attached to this Master Service Contract
as Annex DPP-2.

 

		(iii)	Port Operation Regulations, attached to this Master Service Contract as Annex DPP-3.

 

		(iv)	Procedure for Resolving Delays, attached to this Master Service Contract as Annex DPP-4.

 

		(v)	ECOPETROL Contracted Capacity for Ports, attached to this Master Service Contract as Annex
DPP-5.

 

		(vi)	Port Entry and Exit Points, attached to this Master Service Contract as Annex DPP-6.

 

		(vii)	Procedure for Scheduling Windows, attached to this Master Service Contract as Annex DPP-7.

 

		(viii)	Product Quality Specifications for Unloading in Ports, attached to this Master Service Contract
as Annex DPP-8.

 

		(ix)	MARPOL: International Convention for the prevention of pollution from ships, published in
London on November second (2) 1973 and ratified by the Colombian Congress by Law 12 of 1981, and the amendments and additions thereto,
attached to this Master Service Contract as Annex DPP-9.

 

Section 5.02

Given the fact that as of the Date of Signature,
CENIT does not hold the port concessions that have currently been awarded to ECOPETROL, the Parties agree to agree to the annexes
listed in this Chapter within a period not to exceed two (2) months as of the date on which the port concessions are assigned,
and make any necessary adjustments.

 

[THIS SPACE INTENTIONALLY
LEFT BLANK]

 

    	70

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}]]