Colombian state-run oil company Ecopetrol has reported higher than expected sales from its fledgling Singapore-based trading arm as it seeks to tap new Asian markets.
Ecopetrol Trading Asia, as the subsidiary is known, is already reporting average crude sales of around 8Mb a month amid rising demand from China and and India.
“Just four months after starting operations, the subsidiary has already managed to secure sales 55% above what was projected in the plan,” read an Ecopetrol statement.
“This is mainly due to the advantages of having a specialized team present in the region, which allows taking advantage of opportunities in real time, through a greater relationship with current and potential clients, as well as a broad understanding of how the local environment works.”
According to Ecopetrol CEO Felipe Bayón, the company’s Singapore base has allowed it to better understand the regional market and accelerate delivery times.
“Asia is the main destination for our exports,” Bayón said. “Being here brings us closer to our customers and allows us to capture better opportunities.”
Ecopetrol said demand was particularly high for its Castilla, Mares and Apiay blends, sourced from fields in the Llanos Orientales and Middle Magdalena onshore basins.
It highlighted Japan and South Korea as other potential growth drivers in Asia.