PRESS RELEASE

Petroecuador will import 1,680,000 barrels of Cutter Stock

By
Friday, July 13, 2018

This press release from Petroecuador was published using an automatic translation system.

The Public Company of Hydrocarbons of Ecuador, EP Petroecuador, awarded the company Glencore LTD. the import of a total of 1,680,000 barrels of Cutter Stock, which will be used for blends in the production of FuelOil.

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Of the 31 companies invited to the international tender for the supply of this diluent, on Tuesday July 10, 2018, 12 excuses and 2 offers were received from companies: Glencore LTD. and Vitol INC .

For the opening of bids, representatives of the Public Company Fleet Petrolera Ecuatoriana (FLOPEC EP), the Hydrocarbons Regulation and Control Agency (ARCH), representatives of the bidding companies, as well as the authorities of the International Trade Management of EP Petroecuador and means of communication.

Once the evaluation process was completed, Glencore LTD was defined as the winner of the contest, which offered a differential of USD $ - 0.08 cents per barrel, a value that will be discounted from price marker No. 2 USGCW (UNITED STATES GULF COAST WATERBORNE).

According to the terms and conditions of the contest, the volume offered by Cutter Stock will arrive to the country in eight (8) shipments of 210,000 barrels each. The approximate delivery period is scheduled between July and December 2018. The first delivery will arrive in the country between July 26 and 28 of this year.