China Lures Crude From U.S. as Colombia’s Ecopetrol Targets Asia Oil Sales

[phantom power]

Ecopetrol SA, the Colombian oil producer which expects to more than double output this decade, said it plans to ship a greater share of its crude to Asia as growing demand in China competes for supplies with the U.S.

The company may no longer ship the majority of its crude to the U.S. in 10 years because Asia sales will be more profitable, Chief Executive Officer Javier Gutierrez said yesterday in an interview in Bogota. A pipeline the company is weighing that would carry oil to a new port on the Pacific coast to supply Asian refineries may also attract Chinese investment, he said.

http://www.bloomberg.com/news/2011-05-25/china-luring-crude-from-u-s-as-ecopetrol-targets-asia-for-surge-in-output.html

[Skink]

1. W'ell all be driving electric by then