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Ecopetrol sets up new marketing subsidiary in Texas -Reuters

View of the oil refinery Ecopetrol in Barrancabermeja, Colombia, March 1, 2017. (Jaime Saldarriaga/Reuters)

Reporting by Oliver Griffin, Reuters

EnergiesNet.com 11 17 2022

Colombian majority state-owned energy company Ecopetrol (ECO.CN) has established a new trading company in Houston, Texas, to focus on establishing business with new clients and suppliers, it said on Wednesday

Ecopetrol US Trading LLC will begin operations in the second half of 2023 and will be wholly owned by Ecopetrol, via the company’s subsidiary, Ecopetrol USA Inc., the company said in a statement.

The new unit will focus on creating business with new clients and suppliers of crude oil, refined products, petrochemicals and natural gas, mostly from the Americas and Europe, Ecopetrol said.

Almost all of the company’s refined products and between 40% and 50% of its crude oil is already destined for these markets, it added.

“With this marketing unit we are continuing our plan for internationalization, to access more markets and get new clients from a strategic position,” Pedro Manrique, Ecopetrol’s vice president for commerce and marketing, said in the statement.

“The subsidiary will also play a key role in taking advantage of the opportunities afforded by the energy transition to the petrochemicals segment, a market with great growth potential and one of the businesses main lines,” he added.

Reporting by Oliver Griffin; Editing by Sandra Maler

reuters.com 11 16 2022

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