QUITO, Oct 16 (Reuters) - Ecuador's state oil company
Petroecuador said on Saturday it has modified some bidding terms
for its international tenders, in a bid to increase
The changes will make rules about payments and bank
guarantees more flexible for pre-approved companies interested
in bidding, the company said in a statement.
Upfront payments can now serve as an alternative to letters
guaranteeing credit during tenders, requiring the client to
deposit the export value ahead of time.
"This flexibility comes because of difficulties accessing
letters of credit from some international entities, because of
restrictions on the commercialization of crude extracted from
the Ecuadorean Amazon," the company said.
Petroecuador also increased the number of international
banks which can provide guarantees to 750 from 386.
Some 60 businesses, among them refineries, are part of
Petroecuador's list of providers.
Ecuador restarted spot sales on the international market in
2017 in an effort to increase its oil income, which is key to
the stability of its dollarized economy.
Between 2017 and 2020, the country earned $2.2 billion from
spot sales, according to Petroecuador figures.
Ecuador also sells crude via long term contracts to
companies in Asia.
(Reporting by Alexandra Valencia;
Writing by Julia Symmes Cobb; Editing by Andrea Ricci)