China, Petroecuador sign agreement on oil supply

Ecuador’s state-owned Petroecuador, eyeing an advance payment of $1 billion, has signed an agreement to sell 3 million bbl/month of oil to PetroChina International Co. Ltd. over a 2-year period.Ecuador agreed to export 2.88 million bbl/month of Oriente and Napo crude, with the $1 billion—representing 28% of the total value of the oil PetroEcuador will export—serving as an initial payment.Altogether, the contract envisages sales of 2.16 million bbl/month of Oriente crude and 720,000 bbl/month of Napo crude, with a further option that allows Petroecuador to deliver 5% more or less than the stipulated amount.Petroecuador said revenues from the prepayment will be used for in...

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