BP, Repsol, Mitsubishi win tenders to buy Ecuador crudes

BP, Repsol and Mitsubishi will buy a total of 21 cargoes of Oriente and Napo crudes from Petroecuador between June and August 2014 after winning tenders launched earlier this month.

Petroecuador sells most of its crudes to Petrochina, but it also occasionally tenders to sell crude on the open market.

Repsol agreed to pay $5.90 per barrel below the WTI price for five 360,000 barrel cargoes of medium Oriente crude and BP will pay $4.04 per barrel under the WTI price for another parcel of five Oriente cargoes. The British company also won a third parcel of Oriente crude with a bid of WTI minus $3.21 per barrel. For the six 360,000 barrel cargoes of heavy Napo crude offered by Petroecuador, Mitsubishi won with an offer of $10.94 per barrel below WTI price.

Ecuadorian Napo and Oriente crudes are highly demanded by refining companies and international trading firms because they are good grades to mix with a growing offer of light crudes.