June 29, 2020 / 7:50 PM / 2 months ago

UPDATE 1-Ecuador's Petroecuador receives bids from 7 companies for Oriente crude tender

(Adds companies presenting bids, context)

By Alexandra Valencia

QUITO, June 29 (Reuters) - Ecuador’s state-run oil company Petroecuador said on Monday it has received bids from seven companies interested in buying up to 3.6 million barrels of Oriente crude through a spot-market tender launched earlier this week.

Petroecuador is offering the crude to be exported through 10 cargoes of around 360,000 barrels each, beginning in the July 26-28 loading window. It had invited 56 companies to participate in the tender, which submitted offers indexed to West Texas Intermediate crude prices.

The companies presenting bids were U.S. refiners Phillips 66 and Tesoro, a unit of Marathon Petroleum Corp, as well as traders Vitol, Lukoil, Trafigura, Petrochina International and Unipec America.

Petroecuador’s last spot tender was in February of this year, when it sold 1.1 million barrels of Oriente crude to Phillips 66 for a price of $2.78 per barrel below WTI. (Reporting by Alexandra Valencia in Quito Writing by Luc Cohen Editing by Marianna Parraga and Sonya Hepinstall)

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