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Investors interested in the Pacific Refinery will come to the country late January

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Carlos Pérez, minister of Hydrocarbons.
César Muñoz/Andes

The secretary of state added that economic groups interested in developing the largest hydrocarbons project in history come from China, the United States, Russia, England, Spain, among others.

Guayaquil, Jan 12 (Andes).- Ecuadorian minister of Hydrocarbons Carlos Perez announced that a group of investors interested in the Pacific Refinery will come to the country by the end of January and the contract is expected to be signed in May 2019.

“We have sent 40 invitations to investors who will come on January 30 and 31. They will even visit the location to verify infrastructure,” said the secretary of state and added that economic groups interested in developing the largest hydrocarbons project in history come from China, the United States, Russia, England, Spain, among others.

Perez affirmed that from this group, companies with a greater economic power will be chosen with which the final negotiations will be made and the contract is expected to be signed on May 24 next year.

On the other hand, the official affirmed they expect to reach agreements in a 30-day-period with oil companies Petrochina, Petrotailandia and Unipec to renegotiate oil pre-sale contracts.

“We have already talked to companies who have the contracts in order for them to have an idea of what we will revise: the calculation formula, oil volume versus amounts paid and transportation rates according to distances,” said the minister.

The secretary of state also said that fuel provision is guaranteed during stoppages planned for the Esmeraldas Refinery during maintenance.

Perez talked about these topics before a conference at the Escuela Politecnica del Litoral University where he talked to students about the sector’s perspectives for this year.

On this matter, he said that the main strategies will be to look for investments from companies that come to stay and not speculate in the country, looking for positive conditions in terms of rates and investments.

About the negotiation of oil sales, he explained that there will be two alternatives: sell in the sport market and through long-term contracts.

He also added that it is the Ministry’s policy not to continue with oil pre-sale contracts but only through public procurement prioritizing the country’s interest.

Ecuador’s daily production is 540,000 oil barrels while the official proven reserve is nearly 4,8 billion barrels which would double with exploitation in north-western fields and in the ITT area which are now operational, said Perez.

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