(Energy Analytics Institute, Piero Stewart, 6.Jun.2019) — EP PetroEcuador awarded for export 3,960,000 barrels of Oriente crude oil of 24-degree API plus/minus 5% to Tesoro Refining and Marketing Company LLC, the state company said in an official statement on 5 June.
The award was at a positive differential of $3.09 per barrel over the value of the West Texas Intermediate (WTI) reference crude and is estimated to generate income of $282 million to benefit the country, EP PetroEcuador General Manager Pablo Flores said in the statement.
EP Petroecuador invited 47 qualified companies to the bid, of which eight excuses as well as seven offers were submitted from the following companies: Gunvor S.A.; Phillips 66 Company; PTT International Trading PTE. LTD.; Treasury Refining and Marketing Company LLC; Trafigura PTE. LTD; Valero Marketing and Supply Company and Vitol INC.
The bid marks the the second spot deal of 2019 for EP Petroecuador; the third to be delivered in 2019; and the seventh under the current government, the state entity said.
According to the terms and conditions of bid, the volume offered will be exported in 11 shipments of around 360,000 barrels, to be delivered during the period July to September 2019.
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