(Ecopetrol, 1.Jul.2021) — Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC) concluded the incorporation of Ecopetrol Singapore Pte Ltd., a company in which it will directly own 100% of its share capital. In turn, the aforementioned company will own 100% of the share capital of Ecopetrol Trading Asia Pte Ltd., whose main purpose will be the international commercialization of crude and refined products of the Ecopetrol Group and of third parties in Asia. Both companies will be domiciled in Singapore.
The two companies will be part of the Ecopetrol Group and will have paid-in share capital in accordance with the regulatory requirements of their jurisdiction of incorporation. Ecopetrol Trading Asia Pte Ltd. will be incorporated days after the establishment of Ecopetrol Singapore Pte Ltd. and it is expected to start operations in the first quarter of 2022, after completing the pre-operational stage.
With the incorporation of these new subsidiaries, Ecopetrol aims to strengthen its presence in the Asian market, which is a fast-growing market globally, seeking to increase competitiveness to the Ecopetrol Group’s heavy crude and products in the new energy transition environment.
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