Ecuador’s state oil company Petroecuador signed on Monday a sale contract of some 3.9million barrels of Oriente crude to Peru’s Petroperú, which will be delivered between January and November of next year.
The contract is the second that Quito subscribes with the Peruvian state. The first agreement was finalized in May for a volume of 2.88 million barrels of crude oil.
The3.96 million barrels of crude oil “will be delivered in 11 monthly shipments of 360,000 barrels each directly to refineries owned by Petroperú,” the Ecuadorian state company said in a statement.
The oil companies agreed that the price of the barrel delivered will be set according to the current quotation of the WTI crude oil, more or less the differential awarded in the last bidding of Oriente crude oil that Petroecuador makes in the international market.
Ecuador is seeking to release its oil committed to long-term contracts to be able to market short and medium-term sales to market conditions, which has allowed obtaining better conditions.
“This contract is part of a regional integration approach for Ecuadorian oil destinations, based on government policies to optimize the destinations and export modalities of refining companies,” he added. (I)