Glencore Lands PetroEcuador ‘Spot’ Deal

(Energy Analytics Institute, Ian Silverman, 14.Jul.2018) – Glencore Ltd won a recent EP PetroEcuador spot auction, which guarantees the Ecuadorian entity income of $279.3 million.

The Swiss company offered the best bid price with a positive differential of $ 1.08 per barrel, reported the daily newspaper El Universo.

EP Petroecuador invited 42 qualified companies to the public tender, and received eight offers from Enap, Eni Trading & Shiping, Glencore, Gunvor, Phillips 66, Repsol, Trafigura, and Unipec.

The sold crude oil will come in 11 shipments of 360,000 barrels each, and to be delivered during August-October of 2018.

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Author: ENERGY ANALYTICS INSTITUTE (EAI)

Energy Analytics Institute (EAI) is a Houston-based independent think-tank providing unbiased research, analysis, commentaries, opinions and breaking news related to the petroleum sectors in the Latin American and Caribbean regions.

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