Thai PTT reselling Ecuadorian oil to Peruvian, U.S. refiners

miércoles 7 de octubre de 2015 10:17 GYT
 

* U.S. refiners received 1.1 mln bbls from PTT in September

* Ecuador's government defends the pact amid criticism

By Marianna Parraga

Oct 7 (Reuters) - Thai oil firm PTT PCL has been reselling around 11 percent of Ecuador's monthly exports, according to internal documents from state-run Petroecuador and Reuters data, as the Asian firm gains a foothold in oil trading in the Americas.

So far, none of the OPEC member's crude has been directly shipped to Thailand since a PTT unit signed an accord in June that gave the Andean country a $2.5 billion credit line in exchange for 116.6 million barrels of crude deliveries over five years, or up to 64,000 barrels per day (bpd).

Instead, the deal has contributed to a recent spike in Oriente and Napo crudes arriving in Peru and the United States, where Chinese firms have been active for years reselling Ecuadorian oil obtained through crude-for-loan deals.

Ecuador's government in the past has criticized oil "intermediaries." But the country's pact with PTT does not prohibit it from trading Ecuadorian oil, which is sold at a discount to Thailand's top energy company, allowing it to make a profit from resales.

In September, tankers Aqualegacy, Cotopaxi and Overseas Visayas sailed to El Segundo terminal in California and the Peruvian ports of Callao and Pampilla.

PTT was the lifter in Ecuador and its Singapore-based unit, International Trading Ltd, was the first recipient in the United States and Peru.   Continuación...