The Petroecuador Public Company reported today that it made the fourth sale of crude oil in the spot market this year and that it was awarded to the US company Tesoro Refining and Marketing Company LLC, with which it expects revenues of 58 million dollars.
With the export of 1.080.000 barrels of Crude Oriente of 24 degrees API, Refining and Marketing Company LLC offered a prize of 2.11 dollars per barrel, more than the WTI value, (West Texas Intermediate) which is the marker for Ecuador, Petroecuador said in a statement.
This is an offer that eliminates the intermediary, since there is a direct sale to a refinery and, in this way, Ecuador obtains the best price for its oil.
Mauricio Samaniego, International Trade Manager of Petroecuador, said that "this contest determines a milestone since it is the highest benchmark obtained in the spot sale processes, and with this price, the rate for the sale of crude oil to the state company PETROPERÚ SA will be set. , in the first quarter of 2019. "
Petroecuador invited 45 qualified companies in the Suppliers Registry of the International Trade Management, of which thirteen excuses and seven offers were submitted by the companies: Enap-Empresa Nacional del Petróleo, Glencore LTD., Gunvor S.A; Phillips 66 Company, Repsol Trading S.A., Treasury Refining and Marketing Company LLC and Trafigura PTE. LTD.
In accordance with the terms and conditions of the tender, the volume offered by Crudo Oriente will leave the country in three shipments of 360,000 (+/- 5%) each, which will be delivered in the period January-March 2019.
The first loading window will be exported between January 14 and 16.
Spot sales allow the National Government benefits such as a better valuation of Ecuadorian crude in the international market, limit intermediaries and obtain higher profits.
The opening of bids for this international tender was chaired by Samaniego, with the presence of the delegates of the Head Office of Prevention and Control of Money Laundering, in the Commercial and Legal areas of the Public Company.
In addition, because it is a "public and transparent" contest, it was attended by representatives of the Public Company Ecuadorian Fleet Petroleum (EP Flopec) and bidding companies, the statement said.