PetroEcuador looks to sell less debt-linked oil

摘要

Ecuador's state-owned energy is requesting to reduce the volume of crude it sells to repay eight oil-backed loans from Chinese PetroChina and Unipec and Thai PTT. To repay the $5.3B in loans, PetroEcuador had agreed to supply the three firms 500MM bbl of crude through 2024, but PetroEcuador's international trade manager Jorge Cisneros says that crude volume is "excessive" given current crude prices. "At current oil prices, that volume is worth $22B. The amount of crude pledged in these contracts is excessive and unfavorable to Ecuador."