IOC inks pact with Colombia’s Ecopetrol to boost energy security | The Financial Express

IOC inks pact with Colombia’s Ecopetrol to boost energy security

The South American nation is already playing a significant role in the energy security of India and has been supplying coal and crude.

IOC inks pact with Colombia’s Ecopetrol to boost energy security
Outgoing Ambassador of Colombia Mariana Pacheco shared her experiences in India as well achievements towards building bilateral relations between her country and India. (File Shots)

In an effort to boost India’s energy security state-owned Indian Oil Corp earlier this week inked long-term oil supply contracts Colombia’s state-run Ecopetrol SA. in Singapore. The South American nation is already playing a significant role in the energy security of India and has been supplying coal and crude.

India & Colombia energy security

In an exclusive interaction with Financial Express Online, Ambassador of Colombia to India Mariana Pacheco said, “We have private Indian companies that have been purchasing Colombian oil for some time now. Three months ago, we had a delegation from Ecopetrol SA., Colombia’s national oil company coming to India and Ecopetrol has recently opened an office in Singapore to supply and to have closer links with Asia.”

“The company president had visited Singapore and signed a term contract with Indian Oil Corporation. What this means is a contract to supply crude oil to India and to strengthen our ties with regards to crude oil and the needs of India and India’s incredible growth which is in need of crude oil,” the outgoing Ambassador Mariana Pacheco added.

Also read: President of Colombia to visit India soon! Energy Security, Indo-Pacific to top the agenda

“And I must also add that ONGC Videsh is an investor in Colombia in exploration. I would say most of the oil that ONGC produces goes to Ecopetrol itself. And Ecopetrol is also in cooperation with the IOC in various areas within Colombia, so, in terms of crude oil, I must say we have a very close relationship,” the envoy explained.

Your view on long term cooperation in Energy Cooperation

“We hope to continue to have a midterm and long term relationship not only to ensure energy security in India, at of course, prices that both companies agreed on, but also to ensure cooperation is strengthened for the well being of both India and Colombia.”

Also read: Coal from Colombia arriving soon

Colombian Coal came

Yes. “Last year and the year before last we supplied coal to India, we have very high quality coal in Colombia. And in the moments of need, we have supplied coal to India,” she said.

IOC in Brazil

Financial Express Online reported last week that IOC has also inked a long-term oil supply contract with Brazil’s Petroleo Brasileiro SA (Petrobras) for 1.7 million metric tonne per annum (mmtpa). This was signed in the presence of India’s petroleum and natural gas secretary Pankaj Jain when he had visited that country and had several meetings with senior officers including Petrobras CEO Caio Paes de Andrade.

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