June 30, 2020 / 7:10 PM / 15 days ago

Ecuador's Petroecuador awards Phillips 66 tender to buy Oriente crude

FILE PHOTO: General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020. REUTERS/Mike Segar

QUITO (Reuters) - Ecuador’s state-run oil company Petroecuador said on Tuesday it had awarded U.S. refiner Phillips 66 the right to buy 3.6 million barrels of Oriente crude in a spot-market tender launched earlier this week.

Petroecuador said Phillips 66 presented the best bid of the seven companies that participated in the tender. It had offered to buy the crude at $1.77 per barrel below West Texas Intermediate (WTI) price.

Reporting by Alexandra Valencia in Quito; Writing by Luc Cohen; Editing by Sandra Maler

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