Ecuador’s Petroecuador Awards Phillips 66 Tender to Buy Oriente Crude

SEATTLE (Oil Monster): Ecuador’s state-run oil company Petroecuador said on Tuesday it had awarded U.S. refiner Phillips 66 the right to buy 3.6 million barrels of Oriente crude in a spot-market tender launched earlier this week.

Petroecuador said Phillips 66 presented the best bid of the seven companies that participated in the tender. It had offered to buy the crude at $1.77 per barrel below West Texas Intermediate (WTI) price. 

Courtesy: www.reuters.com