State-owned PetroEcuador launched the first of four spot crude tenders planned for 2020, as it eyes ramping up spot supply to eight cargoes a month in 2024, the company’s commercial team tells Argus.
The sale tender issued late yesterday offers three 360,000 bl cargoes of medium sour Oriente for 14-16 March, 18-20 March and 19-21 March loading. Bids are due on 19 February.
After returning to the spot market in 2017 and leaving Opec last month, Ecuador is now laying the foundation for a more robust market presence derived from diminishing volumes locked into eight oil-backed debt contracts with Chinese state-owned PetroChina and Unipec, and Thailand’s state-controlled PTT. PetroEcuador is currently hoping to reprogram some of PTT’s supply. But even if that does not happen, more crude will become available under the existing terms of the contracts, which expire by 2024.
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