Eyeing Asian market, Ecuador begins crude exports in larger vessels

ESMERALDAS, Ecuador: Ecuador for the first time on Monday exported a cargo of one of its flagship crudes, Oriente, aboard a very large crude carrier (VLCC), following an upgrade to a terminal that the South American country hopes will help it boost exports to Asia.

ESMERALDAS, Ecuador: Ecuador for the first time on Monday exported a cargo of one of its flagship crudes, Oriente, aboard a very large crude carrier (VLCC), following an upgrade to a terminal that the South American country hopes will help it boost exports to Asia.

The shipment of 1.08 million barrels of Oriente aboard the Panama-flagged Gem No. 2 vessel was made possible due to the construction of an extension of state oil company Petroecuador's SOTE pipeline from the Balao port to the nearby Punta Gorda terminal, which is operated by privately-held consortium OCP Ecuador.