Brief: Ecuador awards derivatives import contract

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Thursday, February 22, 2018

Ecuador's state oil company Petroecuador awarded Vitol a contract to import 1.68Mb of cutter stock after the commodity trader presented a differential of -US$2.12/b.

Of 29 groups that were invited, BB Energy and Glencore also submitted offers, the NOC said in a statement. The first of eight shipments of the derivative – used to prepare fuel oil – is scheduled to arrive next month and the last delivery in August.

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The marker will be US Gulf Coast diesel number 2, added Petroecuador, which last year imported 4.28Mb of cutter stock, up 34.4%.