PetroEcuador Renegotiates Deal With Asia’s PTT

(Energy Analytics Institute, Piero Stewart, 21.Feb.2020) — Empresa Pública PetroEcuador completed negotiations with Thailand state-owned company PTT International Trading PTE. LTD. related to reprogrammed 6,480,000 barrels of crude oil, equivalent to 18 shipments of 360,000 barrels each.

The volume represents estimated income of $373,705,202, since the barrels can be marketed in the spot market, with an additional income of $16,200,000, EP PetroEcuador announced 21 February 2020 in an official statement.

EP Petroecuador has two long-term contracts with PTT and after negotiations in previous weeks, it managed to reschedule the quoted volume.

“Reprogramming the volume will serve to secure more spot competitions in 2020, with which Ecuadorian crude will be marketed under better conditions and offering better economic benefits to the country,” said EP PetroEcuador General Manager Pablo Flores in the statement.

The agreement doesn’t contemplate extending the validity of contracts EP PetroEcuador has with PTT that end in 2024. No additional disbursement are anticipated related to this rescheduling, the company said.

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