BOGOTA – Colombian state oil company Ecopetrol said it will export 2 million barrels of crude to Japan in August, its first-ever oil shipment to the Asian country.
The crude “will arrive in October at the Port of Kiire” in southern Japan, the company said in a statement.
Ecopetrol said it will ship the first cargo after Tokyo-based JX Nippon Oil & Energy Co. agreed to buy 2 million barrels of heavy Castilla crude to supply its seven-plant refinery system, which has a daily processing capacity of 1.25 million barrels.
“The shipment will leave the port of Coveñas (in the Caribbean province of Sucre) in the second half of August and should arrive approximately 45 days later,” Ecopetrol said Thursday.
JX Nippon, a unit of JX Holdings, refines and markets petroleum and petrochemical products, imports and sells gas and coal, supplies electricity and develops, manufactures and markets fuel cell, solar power generation and storage batteries.
The deal with JX Nippon comes on the heels of an agreement reached last month with South Korea’s Hyundai Oilbank, which purchased 1 million barrels of Castilla crude from Ecopetrol.
Ecopetrol, Colombia’s largest corporation, is one of the world’s 50 largest oil companies and among the four biggest in Latin America.
In addition to Colombia, where it accounts for more than 60 percent of domestic crude output, Ecopetrol has operations in Brazil, Peru and the United States.