Ecuador sells 950,000 barrels of fuel oil for $63 million

Ecuador's state oil company, Petroecuador, has finalized the sale of 950,000 barrels of fuel oil No. 6 to the multinational company Trafigura, a deal projected to generate approximately $63 million for the state.

The transaction, awarded to Trafigura on July 3rd following an international public tender, involved five shipments of 190,000 barrels each, with a 10% variation. The operation was structured using the international marker USGC HSFO, at a differential of -5.25 dollars per barrel, according to Petroecuador.

This tender saw participation from globally recognized firms, including GreyRock, Petrochina, Trafigura, Voldge International INC., and Freepoint Commodities LLC, all of whom are registered suppliers with the state-owned company. Five valid offers were evaluated.

Tomás Márquez, Petroecuador's International Trade Manager, highlighted the strategic importance of this sale. He stated that Ecuador's presence in the international market extends beyond crude oil exports like Oriente and Napo. The company aims to position derivatives such as fuel oil No. 6, which represent significant revenue streams for the state.

Fuel oil No. 6 is a heavy, high-demand fuel essential for industrial combustion processes and for supplying large vessels. It is produced at the Esmeraldas Refinery, located in the province of the same name, bordering Colombia.

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Ecuador's presence in the international market goes beyond the export of Oriente and Napo crudes; we also seek to position derivatives like fuel oil No. 6, which generate significant income for the state.