On June 30, 2020, the public company Petroecuador awarded the second sale on the spot or immediate market this year to Phillips 66 Company . This refining company from the United States offered the best differential for the Crude East cargo .
The international firm raised a differential of USD -1.77 per barrel, in relation to the price of West Texas Intermediate ( WTI ) crude oil for 3.6 million barrels of Oriente crude .
Petroecuador reported that with this offer, the recovery of the price of crude oil in the international market can be observed , considering that the proposed values ranged from USD -1.77 to -5.51 per barrel. These values are higher than those obtained in the last contest carried out by Petroecuador in April 2020, which was declared void because it did not suit the interests of the State.
Pablo Flores, general manager of Petroecuador, maintained that all the hydrocarbon commercialization processes carried out by the public company seek to implement policies that allow achieving better economic benefits for the country, through transparent negotiations on the export of Ecuadorian crude oil on the market. international, thus achieving maximize the revenue of the company , more and more participants.
For this process, the state oil company invited 56 internationally recognized companies that are qualified in the Supplier Registry of the International Trade Management. Of these, valid offers were submitted by the companies: Phillips 66 Company, Tesoro Refining & Marketing Company, Vitol INC, Trafigura PTE. LTD., Petrochina International, Lukoil Pan Americas LLC and Unipec America INC.
Authorities of the International Trade Management, representatives of the EP Petroecuador Procurator, Head of Prevention of Money Laundering, Public Company Ecuadorian Oil Fleet ( FLOPEC ) and the participating companies participated in the opening of the offers , who verified the transparency of the process and they complied with strict sanitary protocols. Additionally, several bidding companies were able to witness the opening session remotely.
According to the terms and conditions of the tender , the volume offered will be exported in 10 shipments of 360,000 barrels plus or minus 5% each, which will be delivered during the period from July to September 2020.
This new sale of Oriente crude in the Spot market will be governed by the West Texas Intermediate ( WTI ) crude marker .