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PPT transferred $ 500 million of Thailand for advance sale of Ecuadorian oil
Posted On 06 Aug 2015
The state company PTT Public Company Limited of Thailand transferred the advance payment for sale of oil, states _ a communiqué of the Ministry of Finance of Ecuador.
The statement says that the purchase and sale of oil is contemplating a payment structure in which the payment of advances is established for a total of $ 2,500 million in five years and a half, which is a part of the overall value of the sale .
The Ministry of Finance explained the conditions of the commercial transaction which are: a 5.5 year term, interest rate of Libor (30 days) plus 6.97% and a monthly payment of exports.
The resources of this operation will be part of the financing of the general budget of the State from 2015 to 2020, resources that will be assigned for investment projects, the statement said.
Through this contract, Petroecuador is committed to deliver about 116 million barrels of oil, in monthly shipments, valued and acquired at international market prices prevailing at the time, plus an additional value of $ 0.45 per barrel.
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