Colombia's state-controlled oil company Ecopetrol SA (EC) plans to sell $1.5 billion in international bonds maturing in 10 years, Ecopetrol said in a press release Tuesday.

Ecopetrol picked investment banking units of JPMorgan Chase & Co. (JPM) and Barclays PLC (BCS) to handle the bond sale, Ecopetrol said.

Ecopetrol said the yield on the bonds hasn't been determined yet.

The Bogota-based company plans to borrow $3.7 billion this year to finance its expansion plan. The company recently secured 2.2 trillion Colombian pesos ($1.07 billion) in a syndicated loan with the country's largest banks.

Monday, Moody's Investors Service assigned a Baa2 rating on the company's foreign currency bond. Also Monday, shares of Ecopetrol ended unchanged at COP2,510.

The local bourse hasn't open yet.

-By Diana Delgado, Dow Jones Newswires; 571-6107044 ext 1132; diana.delgado@dowjones.com