Bogota, Colombian energy company Ecopetrol has formed a new company in the United States to strengthen its position as a global marketer of refined, petrochemical and industrial products, as well as crude oil and natural gas, the company announced on Wednesday.
The company, named Ecopetrol US Trading LLC, will begin operations during the second half of 2023. Ecopetrol SA is the indirect owner of 100% shareholding through its subsidiary Ecopetrol USA Inc.
The office will be located in Houston, Texas, which is the main business center for the oil, gas and energy industry in the Western Hemisphere and where the bulk of EcoPetrol Group’s customers and suppliers are located.
The subsidiaries Ecopetrol América and Ecopetrol Permian are also located in that city in the United States, dedicated to exploration and production activities in the Gulf of Mexico and the Permian Basin, which will allow the generation of administrative and operational synergies, the company said in a Said statement. ,
“EcoPetrol US trading will be primarily focused on enabling business with new customers and suppliers of crude oil, refined products, petrochemicals and natural gas from the US and Europe,” the company explained.
Currently, between 40% and 50% of all sales of refined products and crude of Ecopetrol Group are destined for these markets.
“With this trading company, we continue our internationalization plan through access to more markets and the acquisition of new customers from a strategic position,” said Pedro Manrique, Commercial and Marketing Vice President of Ecopetrol.
“The subsidiary will also play a key role in taking advantage of the opportunities that the energy transition brings in the petrochemical segment, a market with great growth potential and one of the main lines of business for Ecopetrol Group,” he added.
Ecopetrol is Colombia’s largest company, producing most of the South American country’s oil production and owning two main refineries and most of the oil and a network of polyduct pipelines.