Ecuador’s state-owned oil company, Petroecuador, has awarded a contract to trading giant Trafigura for the sale of 950,000 barrels of Fuel Oil No. 6.
The deal, valued at approximately $63 million, follows an international bidding process that attracted five qualified bidders, according to reports from El Universo.
The transaction underscores the continued relevance of heavy fuel oil in global energy markets, particularly for power generation and marine applications where residual fuels remain cost-effective.
For Petroecuador, the sale represents a significant revenue stream from its Esmeraldas refinery operations, helping to offset broader fiscal pressures in the country’s energy sector.
Trafigura, one of the world’s largest independent commodity traders, has been active in securing supply contracts for residual fuels amid shifting demand patterns in Asia and Europe.
The award of this contract to Trafigura suggests competitive pricing and reliable logistics capabilities, key factors in the highly competitive bidding process.