According to the state company, the price of WTI crude, which is the marker for Ecuadorian crude, went from $ 52.10 in January to $ 71.54 and improved revenues.
EP Petroecuador generated revenues of $ 7,918 million for the Ecuadorian State, between January and September 2021, for crude oil sales in the market spot and long-term contracts. Thus, 132.5 million barrels were exported.
As reported by the manager of the state oil company, Pablo Luna, “in these nine months there have been 16 sales spot: eight of Oriente crude for a value of $ 2,932.9 million and eight of Napo crude that represented $ 1,930.1 million”.
In addition, by long-term contracts, revenues were $ 3,055 million for the sale of 51.5 million barrels with the companies PTT International Trading, Petrochina, Unipec Asia and Shell.
In accordance with the guidelines established in Executive Decree 95, signed by the President of the Republic, Guillermo Lasso Mendoza, changes have been implemented to strengthen the business model of EP Petroecuador, which has made it possible to improve the conditions of Ecuadorian crude in the market international, generating greater economic revenues for the country.
One of the main achievements is the interconnection of the Balao-Punta Gorda maritime terminals, which allows for larger Oriente crude shipments and market diversification, in addition to joint Napo crude cargoes. In both cases, prizes have been obtained in the last contests spot.
The price of Western Texas Intermediate (WTI), benchmark marker for Ecuadorian crude, which went from $ 52.10 in January to $ 71.54 in September, it favored the sale of Ecuadorian crude in the international market.
Meanwhile, Petroecuador modified the terms and conditions for the sale of hydrocarbons a few weeks ago, in order to have a greater participation of companies, which are part of the registry of suppliers of the state oil company.
Now the participants They can present the guarantee issued by a national bank with the endorsement of a foreign bank with triple A rating or also present an insurance policy issued through a national insurer, that has the backing of a reinsurer abroad. The list of 386 to 750 banks internationally for the issuance of bank guarantees, entities that have the endorsement of the Central Bank of Ecuador.
Another change is that there may be an inclusion of the advance payment as an option to the presentation of letters of credit. In this way, the client will previously deposit the export value with EP Petroecuador. This measure is due to the difficulty in accessing letters of credit in some international entities, after the restrictions on the commercialization of crude oil extracted from the Ecuadorian Amazon.
These measures are covered by the EP Petroecuador regulations and began to be applied from October 5th.
Currently, 60 companies, including trading companies, refineries and related to the industry, They are part of the Suppliers Registry of the International Trade Management of the public oil company.
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