Ecopetrol: Ecopetrol exceeds sales target for carbon offset crude oil shipments

With the sale of two new shipments of carbon offset crude, Ecopetrol completed four transactions of this type in 2022, for a total volume of four million barrels, which exceeds the goal of two million barrels defined for this year.

One of the shipments was sold to Reliance Industries, a multinational company from India and one of Ecopetrol’s main clients in the Asian market. The delivery of the cargo of two million barrels of crude oil will take place in December 2022 at the port of Sikka in that country.

“It is a privilege to be associated with this Ecopetrol initiative in our shared interest in achieving carbon neutrality,” said Mr. J. Rajaraman, Reliance’s President and Head of Trading.

The other shipment, for one million barrels, represents the Company’s first sale of carbon-offset crude to the European market. The buyer is the Spanish company Repsol, Ecopetrol’s main customer in Europe and it will be delivered to its refining system in Spain at the end of the year.