Colombia’s Ecopetrol sets up new marketing subsidiary in Texas

BOGOTA, Nov 16 (Reuters) – Colombian majority state-owned power firm Ecopetrol (ECO.CN) has established a brand new buying and selling firm in Houston, Texas, to concentrate on establishing enterprise with new shoppers and suppliers, it stated on Wednesday.

Ecopetrol US Buying and selling LLC will start operations within the second half of 2023 and can be wholly owned by Ecopetrol, through the corporate’s subsidiary, Ecopetrol USA Inc., the corporate stated in a press release.

The brand new unit will concentrate on creating enterprise with new shoppers and suppliers of crude oil, refined merchandise, petrochemicals and pure fuel, largely from the Americas and Europe, Ecopetrol stated.

Nearly the entire firm’s refined merchandise and between 40% and 50% of its crude oil is already destined for these markets, it added.

“With this advertising and marketing unit we’re persevering with our plan for internationalization, to entry extra markets and get new shoppers from a strategic place,” Pedro Manrique, Ecopetrol’s vice chairman for commerce and advertising and marketing, stated within the assertion.

“The subsidiary will even play a key function in profiting from the alternatives afforded by the power transition to the petrochemicals section, a market with nice progress potential and one of many companies important traces,” he added.

Reporting by Oliver Griffin; Enhancing by Sandra Maler

Our Requirements: The Thomson Reuters Belief Ideas.

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