Petroecuador holds talks in US with several companies scouring the market for alterative oil suppliers
US refiners Valero Energy and Marathon Petroleum, along with Shell’s trading unit Shell Western Supply and Trading, are rushing to secure Ecuadorean barrels after America banned imports of Russian crude.
“US refiners and traders are eager to sign mid- and long-term supply contracts after Russia invaded Ukraine,” Noboa said in an interview in New Orleans. “When oil in the global market is scarce, it makes sense to try to secure a steady supply.” Jamaica’s state-owned oil company Petrojam is looking for a similar arrangement for 11 cargoes and Shell Western is seeking to extend an existing 3-year supply contract that expires in December 2023. Marathon and Valero didn’t immediately return emails seeking comment.
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