Petroecuador awards two “spot” sales for 2.52 million barrels of crude oil

The Ecuadorian state oil company, Petroecuador, announced this Tuesday, October 12, that it awarded two volumes of crude for export or “spot” sale, short-term and for delivery in the same month, for 2.52 million barrels.

Petroecuador awarded the firm Shell Western Supply and Trading Limited the export of 1,440,000 barrels of “Oriente” crude.

The “spot” sale, the tenth of this type that Petroecuador has carried out this year, was divided into a volume of 1,080,000 barrels of “Napo” crude, considered “heavy”, and another for 1,440,000 barrels of the so-called “Oriente”, classified as “intermediate,” the public company reported in a statement.

The volume of Napo crude oil was awarded to Glencore Ltd for the export of 1,080,000 barrels, as that company presented the best offer in the award process.

In this process, Petroecuador included loading a larger volume of crude, with the aim of obtaining greater benefits for the state, the state company said in its statement.

The manager of Petroecuador, Pablo Luna, indicated that with this export, revenues of 73.1 million dollars are estimated for the Ecuadorian State.

To award this export volume, Petroecuador invited 42 companies, of which five submitted valid offers.

Likewise, Petroecuador awarded the firm Shell Western Supply and Trading Limited the export of 1,440,000 barrels of “Oriente” crude.

The Petroecuador manager indicated that 41 companies were invited to participate in the award process for the export of this cargo, but only six submitted valid offers.

Luna pointed out that revenues of 100.2 million dollars are estimated for the Ecuadorian State from this “spot” sale.

The export process of this volume will be carried out by means of four shipments of 360,000 barrels each, for delivery in October and under the reference of the crude marker WTI.