PetroEcuador Awards Spot Sale To Tesoro Refining

(Energy Analytics Institute, Piero Stewart, 27.Dec.2018) — Petroecuador completed its fourth spot market sale of crude oil in 2018, with the export of 1,080,000 barrels of Oriente crude of 24-degree API.

Oil tanker offshore Ecuador. Source: PetroEcuador

The deal was awarded to Tesoro Refining and Marketing Company LLC, which offered a price of +$2.11 per barrel, more than the value of West Texas Intermediate (WTI), which is the benchmark for Ecuador, the state oil company announced in an official statement.

The offer, which eliminates intermediaries since there is a direct sale to a refinery, affords Ecuador a better price for its oil.

Petroecuador projects income of $58 million with closing of the deal, the company added.

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© Energy Analytics Institute (EAI)

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