Ecuador’s state-owned oil company said it has agreed a new spot sale for 720,000 barrels of Oriente crude to Chinese oil company Petrochina International Co Ltd.

The crude will be shipped in two cargos of 360,000 barrels each, Petroecuador said in a statement, adding it expects the shipments to be loaded in November.

The sale will generate an extra $55.8 million for the Ecuadorean state, the company said.

In September, Petroecuador said it reached an agreement with Petrochina International, a subsidiary of PetroChina Co. Ltd. 601857.SS, as part of a renegotiation of long-term contracts between the two companies.

Petroecuador began negotiations with the Chinese oil firm last April in order to improve the price formula for Ecuadorean crude and the extension of the delivery schedule for shipments, which was set to expire in 2024.

Both state oil companies signed three complementary contracts on Sept. 9 to update crude delivery conditions, the same ones that are in force.
Source: Reuters (Reporting by Oliver Griffin; Editing by David Gregorio)