(Argus, 5.May.2020) — State-owned PetroEcuador has delayed all fuel imports that were supposed to arrive in May and June because of a sharp decline in demand.
The delayed imports include Ron 93 and Ron 80 gasoline, diesel and cutter stock. The revised timeframe for the imports will depend on the recovery of demand, the company said.
PetroEcuador said motor fuel demand has fallen by 67.2pc since 17 March, when Ecuador declared a state of emergency because of the Covid-19 pandemic. The disease has hit the Andean country with particular fury, especially in the coastal city of Guayaquil.
PetroEcuador said it has enough inventory to meet demand as the country gradually recovers, noting 2.5mn bl of clean products stored at terminals and its refineries, which are currently shut down.
The company said this stored volume represents 60pc of its domestic supply capacity, which is complemented by floating storage, including 850,000 bl of premium diesel, 114,000 bl of diesel, 2.4mn bl of Ron 80 gasoline and 1.4mn bl of Ron 93 gasoline.
The delayed imports will save $191.7mn in spending this year, PetroEcuador added.
In another sign of the weak oil market, PetroEcuador has repaired its weather-damaged 360,000 b/d Sote crude pipeline but operations remain paused because of production shut-ins.
— By Patricia Garip