Posted On 17 Jul 2015
A cargo of 180 thousand barrels of naphtha (gasoline blending component) of low octane bidded by the public company Petroecuador in an international tender where it had five strong proposals.
Lukoil PanAmericas LLC offered to pay one dollar and five cents over the price of each barrel of naphta crude Petroecuador exports; that, as an incentive for the award. The other companies, Arkham, Trafigura, Citizens and George E. Warren, raised negative differential (discounts) on each exported barrel. The first company offered $ -4.36; the second $ -2.10; the third – $ 9.77 and the fourth $ -1.84.
Each barrel of low-octane naphtha crude is around 61 US dollars on the international market and over that value is possible to add a differential (a dollar amount) offered by one of the five companies. (I)