Petroecuador to Extend Time Frame for Crude Oil Delivery to PTT
BANGKOK (NNT) - Ecuador’s state-owned oil company Petroecuador is reportedly hoping to reach an agreement with Thai counterpart PTT to extend the timeframe for crude deliveries until the end of 2024.
Petroecuador’s international trade manager Pablo Noboa said the company will meet with PTT on Friday (25 Mar) to discuss extending the time it has to deliver roughly 41.3 million barrels of oil by one year, until December 2024. He explained that this will provide the company with more room to make direct sales, especially to large refining plants.
The trade manager also expressed optimism about exploring the possibility of providing oil directly to the United States following U.S President Joe Biden’s ban on Russian oil and energy imports. The company has yet to hold talks with the U.S. government and has only supplied crude oil through intermediaries between the two countries.
Ecuador expects to produce 180 million barrels of crude oil in 2022, of which 101 million barrels will be used to fulfill existing commitments and exports. The government of President Guillermo Lasso has targeted raising crude production to 1 million barrels per day.
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Reporter : Paul Rujopakarn
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