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EP Petroecuador awarded a spot sale of Napo crude, with a spread of USD -2.98

Press Release

EP Petroecuador awarded a spot sale of Napo crude, with a spread of USD -2.98

This Petroecuador release was published using machine translation.

With a differential of USD -2.98 per barrel, the Public Company Petroecuador awarded the Thai company Tipco Asphalt Public Company Limited, the export of 720,000 barrels of Napo crude , this being the fourth spot sale of 2021. According to the terms and conditions of the contest, the volume offered will be exported in 2 shipments of 360,000 +/- 5% each, which will be delivered in April 2021.

The General Manager of EP Petroecuador, Gonzalo Maldonado stated that, “this sale of Napo crude will represent an estimated income for the Ecuadorian State of USD 44 million, as a result of the hydrocarbon policy of conducting transparent and competitive bids .”

For the export of 720,000 barrels of Napo crude, EP Petroecuador invited 46 companies qualified in the Client Registry of the International Trade Management, of which five offers from the companies were presented:

  • Tipco Asphalt Public Company Limited: USD -2.98 / bbl
  • Petrochina International CO. LTD .: USD – 4.42 / bbl
  • Trafigura PTE. LTD .: USD -4.45 / bbl
  • Shell Western Supply and Trading Limited: USD -4.79 / bbl
  • Phillips 66 Company: USD -6.42 / bbl

To guarantee the transparency of this bidding process , the opening of bids was led by representatives of the International Trade Management, delegates from the legal area, the Prevention and Money Laundering Unit in person, as well as officials from the Public Company. Flota Petrolera Ecuatoriana (EP FLOPEC) and the representatives of the bidding companies remotely.

This sale of Napo crude will be governed under the West Texas Intermediate Marker Crude (WTI).

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2021-04-11 17:33:17

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