These factors enable OCENSA to achieve high and stable EBITDA margins of slightly more than 80%. In addition, OCENSA is currently underleveraged and doesn't have material capital expenditures (capex) in the upcoming years. Moreover, OCENSA shareholders' agreement with Ecopetrol provides Candelaria with effective veto rights on all of OCENSA's major corporate decisions, such as investments, debt issuances, and dividend policy, currently at 100% of net income. We expect dividend flows to Candelaria from OCENSA to range between $180 million and $190 million for the next two years, which will allow Candelaria to meet operating and interest expenses of about $65 million. This compares favorably to about $163 million of actual dividends in 2021, because Candelaria increased its stake in the
