$ 22 billion is the cost of presold crude

Ecuadornews:

It is extremely high value. Ecuador still has to deliver some 500 million barrels of oil for eight presale contracts with companies from China and Thailand.

That amount, at the present, represents about $ 22,000 million, considering that each barrel stands at $ 44. Manager of International Trade of Petroecuador Mauricio Cisneros assures it.

For this reason, Petroecuador seeks to renegotiate the contracts to “release” the compromised oil and sell it at better prices in the market.

The anticipated sales of oil are operations that the Ecuadorian State subscribed in the previous Government with banks and oil companies from abroad. (I)

Source: http://www.expreso.ec/economia/economia-petroleo-petroecuador-deuda-contratos-NM1790719