RIO DE JANEIRO, BRAZIL – The Colombian state-owned oil company Ecopetrol set up a new company in Singapore to consolidate its position in the Asian market by attracting customers and destinations and strengthening commercial relations in that continent, the company announced on Thursday, July 1.
“With this marketing company we hope to achieve a greater approach with our current and potential clients in Asia, at the same time that we will have a better and effective reading of this market to take full advantage of the opportunities it offers,” explained Ecopetrol’s commercial and marketing vice-president, Pedro Manrique, quoted in a press release.
The company, called Ecopetrol Singapore Pte Ltd, “has a share capital subscribed according to the regulatory requirements in Singapore and in which Ecopetrol will have a direct participation of 100%,” added the company.
The oil company also announced that the new trading company would own 100% of the share capital of Ecopetrol Trading Asia Pte Ltd, a company that “will be incorporated in coming days, and whose main purpose is the international marketing of crude oil and products of the Business Group in that region.”
This company will also be located in Singapore, and Ecopetrol, Colombia’s largest company, will indirectly hold 100% of its capital.
“This is an important milestone for Ecopetrol and the country since it opens more frontiers for the negotiation of our crude oil and products,” added Manrique about the companies that will begin operations next year.
According to the information, Ecopetrol Trading Asia Pte Ltd will identify greater opportunities in the Asian market, currently the destination of about 50% of the company’s crude oil sales, an amount five times higher than 12 years ago.
“In addition, it will maximize marketing margins through operational and financial efficiencies while bringing greater competitiveness to the Ecopetrol Group’s heavy crudes in an environment of energy transition,” the company explained.