Colombia · Business
Key Facts
—First major batch About 3,000 tonnes of solid asphalt shipped from Cartagena, with initial loads destined for Panama and Nicaragua.
—2026 export target Ecopetrol aims to export about 30,000 tonnes of solid asphalt in 2026, ramping up with demand.
—New logistics scheme The operation started in June 2026, integrating production, solidification, and containerized shipping.
—Production and partnership Asphalt is produced at the Barrancabermeja refinery and solidified with a partner in the Magdalena Medio region.
—Target markets Monthly shipments are planned for Panama, Nicaragua, and other Central and South American and Caribbean markets.
Ecopetrol asphalt exports have entered a new phase as Colombia’s state-controlled oil company shipped its first major batch of solid asphalt directly from the Port of Cartagena, targeting markets across Central and South America that lack the infrastructure to receive liquid asphalt.
A Direct Export Model from Cartagena
Colombia’s Ecopetrol (NYSE: EC) has launched a direct solid asphalt export operation from the Caribbean port city of Cartagena. The company confirmed that the first significant batch under the new model involved about 3,000 tonnes of solid asphalt, with the initial two loads sent to buyers in Panama and Nicaragua.
The new logistics scheme started in June 2026. It integrates the entire supply chain at a single hub, covering production at the Barrancabermeja refinery, solidification in partnership with a Magdalena Medio-region partner, packaging, trucking to the port, and maritime transport. Ecopetrol expects this integration to raise efficiency and support commercial diversification.
Why Solid Asphalt Matters for Regional Markets
The strategic rationale for solidifying asphalt is to reach customers who cannot handle the liquid form. Many ports and receiving terminals in Latin America lack the specialized heated tanks and equipment required to offload and store liquid asphalt.
Arturo Saldarriaga, a representative for Ecopetrol, explained the logic in a company statement. “This product allows us to reach new markets, particularly those that do not have the logistical facilities to receive asphalt in a liquid state,” he said.
By converting asphalt into solid blocks or pellets, Ecopetrol can use standard containerized shipping. This lowers the barrier for entry into smaller or less developed ports across the Caribbean, Central America, and South America. The company specifically named Panama, Nicaragua, and other Central and South American and Caribbean markets as targets for the new product line.
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Export Targets and Logistics Scale
Ecopetrol has set an export target of about 30,000 tonnes of solid asphalt for 2026. The company expects to ramp up volumes in line with demand, with the Port of Cartagena moving between 600 and 1,000 tonnes per month.
The new logistics operation is expected to increase solid-asphalt exports by about 40%, according to Ecopetrol and Colombian media reports. This growth reflects the company’s push to access higher-value markets directly, bypassing intermediary logistics costs.
The Barrancabermeja refinery, located in the Santander department of northeastern Colombia, produces the asphalt that feeds this export line. The port of Cartagena’s location on Colombia’s Caribbean coast provides direct maritime access to both Atlantic and Pacific markets via the Panama Canal.
Market Diversification Beyond Traditional Buyers
The solid asphalt line is a tool for market diversification. Ecopetrol has stated that the new model is “a strategy with which it hopes to increase its exports and improve the profitability of this business.”
The company’s asphalt exports have grown at a compound annual rate of 36% since 2023, according to company disclosures. The addition of solid asphalt allows Ecopetrol to complement its existing liquid asphalt trade with a product that can penetrate markets previously closed to Colombian supply.
The target geography includes both established trading partners and new markets. The containerized nature of solid asphalt makes it economically viable to serve smaller nations that would not justify a dedicated liquid asphalt tanker. Ecopetrol has indicated interest in markets across the Caribbean and broader South America.
Investor Implications and Regional Context
For foreign investors following Ecopetrol (NYSE: EC), the solid asphalt initiative represents a low-capital method to boost export revenues. The strategic value lies in margin improvement and market access, allowing the company to extract more value from refinery byproducts.
Asphalt typically trades at a premium to fuel oil, and solidification further differentiates the product for niche markets. Ecopetrol’s integrated logistics chain reduces reliance on third-party infrastructure at destination ports, insulating the company from bottlenecks and demurrage costs that sometimes affect liquid asphalt shipments to under-equipped terminals.
The move aligns with a broader trend among Latin American state oil companies to diversify revenue streams beyond crude oil and standard fuels. Investors can monitor quarterly export volumes from Cartagena as a tangible metric for the strategy’s execution, with the 30,000-tonne target for 2026 representing a high-growth segment of Ecopetrol’s asphalt business.
Frequently Asked Questions
What is Ecopetrol’s new solid asphalt export model?
Ecopetrol has launched a direct export operation from Cartagena where asphalt produced at the Barrancabermeja refinery is solidified with a regional partner, packaged, and shipped in containers. This allows the company to sell to countries that lack the heated infrastructure to handle liquid asphalt, with shipments planned for Panama, Nicaragua, and other Central and South American and Caribbean markets.
How much solid asphalt does Ecopetrol plan to export in 2026?
Ecopetrol has set a target of about 30,000 tonnes of solid asphalt exports for 2026, ramping up with demand. The Cartagena hub is expected to handle between 600 and 1,000 tonnes per month, with the new logistics scheme having started in June 2026.
What markets is Ecopetrol targeting with solid asphalt exports?
Ecopetrol is targeting markets that lack the facilities to receive liquid asphalt. Initial direct shipments have gone to Panama and Nicaragua, and the company plans to expand to other markets in Central America, South America, and the Caribbean. The containerized format makes it viable to serve smaller nations that cannot justify dedicated liquid asphalt tankers.
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