Colombia's Ecopetrol to launch US trading arm

Colombian state-run oil company Ecopetrol says it is on track to launch a new subsidiary in the US later this year as it expands its international downstream business.

The move follows the success of Ecopetrol Trading Asia, which has sold more than 72Mb of crude oil to the Asian market since it was established in 2021. 

"In the coming months, Ecopetrol plans to open its second international trading company, which will be located in Houston, another of the company's main markets for products and crudes," Ecopetrol said in a statement.

"The subsidiary, Ecopetrol US Trading, will focus on making business viable with new clients and suppliers of crude oil, refined products, petrochemicals and natural gas, mainly from the Americas and Europe," it added. 

ASIAN SUCCESS

More than half of the Ecopetrol Group's crude is currently sold to customers in Asia. The leading market is China, followed by India, Brunei and Singapore.

The company hopes to secure contracts with new customers in South Korea, Malaysia, Japan and Thailand by the end of the year. 

“Being present in the commercial epicenter of Asia has allowed us to strengthen our relationships there," said Pedro Manrique, Ecopetrol's commercial and marketing chief.

"We have managed to adapt to the logistics and refining needs of our clients and we have eliminated intermediaries in order to capture greater value for the Ecopetrol Group. Our goal will continue to be to attract new customers and venture into new markets," he added.