Colombia's state-controlled Ecopetrol will start selling Castilla Blend grade crude to South Korean Hyundai Oilbank at the end of this month.
"In line with the strategy to diversify destinations of its exports, Ecopetrol authorized the first sale of Castilla crude to the Hyundai Oilbank, a South Korean refinery, for 1mn barrels," Ecopetrol said.
The first delivery of 1mn bl of 18.8˚API Castilla crude is planned for 24 October, said Ecopetrol.
Shipping data indicates that Hyundai has fixed the Suezmax Delta Ocean starting 24 October from the Colombian port of Covenas, bound for South Korea.
Hyundai made clear its interest in maintaining this direct purchase and to increase crude volumes in the future, Ecopetrol said.
Ecopetrol's South Korea-bound shipment coincides with the company's effort to diversify its crude export destinations and pivot toward the Asia-Pacific market.
The company already sells crude to China and India.
Of Ecopetrol´s total crude exports in the second quarter, 42pc went to Asia, 24.5pc to the US Gulf Coast, 17pc to Europe, 8pc to Central America and the Caribbean, 5.7pc to the US West Coast and 2.1pc to South America.
In the second quarter, Ecopetrol's crude oil export basket was indexed to Brent (62pc) and Maya (38pc), according to the company. Ecopetrol exported around 58pc of its crude production in 2013.
Ecopetrol produced 601,000 b/d of crude in the second quarter.
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