The new unit, called Ecopetrol Singapore Pte Ltd, will be wholly controlled by Ecopetrol, and will in turn control Ecopetrol Trading Asia Pte Ltd, which will be set up in the coming days, the company said in a statement.

Ecopetrol Singapore represents Ecopetrol's first subsidiary in Asia, where it hopes to expand its sales of crude and other products.

Currently some 50% of Ecopetrol's crude sales are destined for markets in Asia, the company added in a statement.

Ecopetrol Trading Asia Pte Ltd, which will also be based in Singapore, will focus on identifying opportunities in the market.

The new unit will allow Ecopetrol to maximize marketing margins through operational and financial efficiencies, and will provide greater competitiveness for the company's heavy crudes during a time of energy transition, it said.

Both of the new units will begin operations in 2022, the statement added.

(Reporting by Oliver Griffin; Editing by Dan Grebler)