Ecuador’s national oil company Petroecuador granted Trafigura fuel export contract.
The contract will be effective for 25 months and Trafigura offered a premium of 41 cents/barrel, the only company among 36 to present an economically viable choice. The final price of each shipment will depend on the US Gulf Coast High Sulfur Fuel Oil benchmark, taking into consideration the most recent spot price and the premium.
The transport volume will depend on the output of Petroecuador’s 110,000 bpd Esmeraldas refinery each year, considering the minimal storage capacity of fuel oil number six at the refinery.
Petroecuador hopes to generate income worth USD1 billion from the deal for the contract's duration.
