Colombia’s state oil company Ecopetrol pushing harder into Asia, renewables

ECOPETROL, Colombia’s state-run oil company, is looking to capture more business opportunities in Singapore and Asia, especially with the company recently setting up a corporate office in Singapore – the company’s first commercial subsidiary outside of Colombia.

In an interview with The Business Times, Ecopetrol’s chief executive Felipe Bayon estimates that in 2021, roughly 60 per cent of the company’s crudes, in terms of Ebitda (earnings before interest, taxes, depreciation and amortisation), were sold to Asia. 

This year, he reckons Asia will constitute half of Ecopetrol’s Ebitda, but looking ahead, he foresees Asia’s share will grow.