Ecuador will sell 2.88 million barrels of oil to two Chinese companies, in operations that will represent the country in revenues of more than US$313 million, after the state company Petroecuador awarded the contracts with deliveries scheduled for July and August of this year.
The Ecuadorian oil company divided the negotiation between two subsidiaries of Chinese oil giants, in such a way that Petrochina International was left with 1.44 million barrels of Oriente crude oil, in a contract with a differential of -US$2.80 per barrel that would generate Petroecuador revenues close to US$162 million.
The other half of the business went to Unipec Americasubsidiary of Sinopecwhich acquired another 1.44 million barrels, in this case of Napo crude. The differential agreed in this contract was -US$10.04 per barrel, with which the Ecuadorian oil company projects income of around US$151 million.
For the award, Petroecuador summoned more than 35 companies qualified in the Supplier Registry of its International Trade Management, a mechanism with which the company sought to ensure competition and transparency in the sale of its hydrocarbon resources.
In addition, he specified that the export price of Ecuadorian crude oil is set based on the WTI, one of the main references in the international oil market.
Oil continues to be one of the pillars of the Ecuadorian economy, with a production of close to 470,000 barrels per day, consolidating crude oil as one of the country’s main export products and a key source of financing for the general budget of the State.
