After five years of not realizing any crude Napo sale of 17° API, Ecuador will resume this commercialization under the spot modality.
Pablo Flores, General Manager of EP Petroecuador, announced the future export of 1´080.000 barrels, which will be delivered in the way of three cargo shipments of 360.000 barrels each. He also announced that this process will be carried out between September and October of this year, which will generate income of USD 63 million for the Ecuadorian government.
Flores also added that around fifty companies, among retailers and refineries, will be invited to participate in the bidding, to submit their offer with a differential governed by the crude marker West Texas Intermediate (WTI).
This spot modality allows to obtain a better and more optimate price for the Ecuadorian crude according to the market conditions. Ecuador will resume this spot sales las year but only with “Oriente” crude which has proven to be lighter.
Carlos Pérez, non-renewable energy and natural resources minister, signaled that through spot sales “the Government guaranties the transparency in the processes of commercialization at international level”.
Source:
(El Universo)
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