Petroecuador agrees additional crude sale to Marathon Petroleum
Ecuador’s state-owned oil company Petroecuador said it will sell an additional 720,000 barrels of Oriente crude to Marathon Petroleum Supply LLC , under a larger contract awarded last month.
The U.S. refiner won a tender for 7.92 million barrels of Oriente crude oil in April. It had offered a premium of 75 cents per barrel.
Petroecuador said in a statement it will sell Marathon an additional 720,000 barrels of crude following an agreement between the two companies.
The delivery of the new crude supply will take place in two equal shipments in July, “under the same terms that were awarded a few days ago, through a medium-term tender, that is, a premium of 0.75 dollars per barrel”, the company said.
The Andean nation is seeking to alleviate fiscal problems by revaluing some of its crude oil sales to refineries amid high international oil prices.
Petroecuador expects additional revenues for August of approximately $70.7 million with this additional sale, the statement added.
Source: Reuters (Reporting by Alejandra Valencia; Writing by Steven Grattan; Editing by Marguerita Choy)