Colombia Imports First Crude as Global Light Grades Abound
- Ecopetrol buys Nigerian Bonny Light and Russian Varandey
- Venezuela, Ecuador made similar strategic crude purchases
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Colombia is importing crude for the first time in more than two years as South America’s third-largest crude producer capitalizes on an abundance of higher-quality light grades on the global market.
State-owned Ecopetrol SA purchased September-loading crude from Nigeria and Russia last month for its Cartagena refinery, according to people familiar with the transactions who couldn’t be identified because the information isn’t public. The cargoes would be the first imports since at least January 2013, data from JODI database show.