Wednesday, October 22, 2014

Global Impact: Bogotá Ships Crude to Multiple Countries Aborad

According to The Latin American Tribune, Colombian state-controlled oil company Ecopetrol, seeking to diversify its overseas clientele, said it would ship one million barrels of Castilla crude oil on October 24 to South Korean refiner Hyundai Oilbank.

“With this contract, Ecopetrol strengthens its exports to the Asian market,” which accounts for 43% of the Colombian company’s overseas sales, Ecopetrol said in a statement.

COMMENT: Seosan-based Hyundai Oilbank, which operates a refinery in Daesan with a capacity of 390,000 barrels per day (bpd), producing and distributing fuel and petrochemicals for the domestic market, has expressed interest in extending direct purchases from Ecopetrol and expanding them in the future.


Since 2008, Ecopetrol has been selling crude from its oil fields to countries such as China and India, while decreasing its shipments to the United States.

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