“The Petroecuador Public Company signed a new contract for the purchase of crude oil, in the medium term, with the State Company Petróleos del Perú - PETROPERÚ SA, to sell directly, a total volume of 3,960,000 barrels of Crude Oriente, in the period January - November 2019”, informed BN Americas.
This contract eliminates the participation of traders, or intermediation, which will allow Ecuador to always receive the best price for Peru’s oil.Last May a first contract was signed for a volume of 2,800,000 barrels of oil, which generated a direct commercial relationship between both nations.“The price will be set according to the current quotation of the WTI (West Texas Intermediate) crude oil marker more or less (+/-) the differential awarded in the last Crudo Oriente tender, carried out by the Petroecuador EP, in addition to complying with the same terms and conditions of the contractual bases of said competitions”, the aforementioned media explained.
In addition, the contract will include the delivery scheduled for 11 shipments of 360,000 barrels each, estimated to occur monthly at first.“These direct sales between state companies represent great benefits for the Ecuadorian State”, BN Americas said.Source.
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