The Colombian oil company doubles its clients in this region and exceeds its EBITDA target by 162%.

Over the past two years, Ecopetrol has exported 182 million barrels of crude oil to Asia, representing 60% of its total oil exports during this period. These operations were managed through Ecopetrol Trading Asia (ECPTA), the Group's subsidiary based in Singapore, which began operations in April 2022.

Salvador Alarcón, general manager of the subsidiary, said that during this time the value promise was delivered “and exceeded.” In fact, at the end of the first half of 2024, ECPTA exceeded its Ebitda target by 162%.

With the opening of ECPTA, Ecopetrol doubled the number of clients and countries in Asia, consolidating the region as its main export market. Among the countries that buy Colombian crude are China, India and Japan.

The subsidiary took advantage of its strategic location in Singapore, one of the largest commodity trading centres, to improve marketing and optimise profit margins.

“The subsidiary in Singapore contributes to the energy transition through an agenda focused on the commercialization of carbon credits, obtaining greater knowledge of the voluntary carbon market and the negotiation and delivery of carbon-compensated crude oil shipments,” Ecopetrol said.

The Colombian oil company said it is connecting the Colombian Institute of Petroleum and Transition Energies (ICPET) with universities in Singapore. It is also seeking partnerships in the production of sustainable biofuels, such as aviation fuel (SAF) and the reuse of cooking oil to produce SAF in Colombia.