China and Thailand release more crude for Ecuador

Ecuadornews:

The country obtained in its favor four monthly shipments of 360,000 barrels. Hydrocarbons awaits Executive decree for the Intracampos Round.

Ecuador managed to release 1.4 million barrels of crude oil per month from the advance sales contracts with China and Thailand.

The oil will be used for spot sales reported on Monday, May 14, the Minister of Hydrocarbons and Energy, Carlos Pérez.

The hydrocarbon will be divided into four shipments of 360,000 barrels. This is one of the agreements reached in the renegotiations with Petrochina, Unipec and Petrotailandia. Last week Perez said he intends to present the results of the talks until May 24, when the first year of President Lenin Moreno’s administration is completed.

The other three agreements have to do with the improvement of interest rates, definition of the value of the Coque facto and an award for Ecuadorian oil.

On the other hand, the Government seeks to increase production in order to take advantage of the good moment experienced by international crude oil prices (above $ 70 per barrel) and thus inject more resources into the fiscal fund.

In this regard, for this Saturday, May 19, Petroamazonas plans to incorporate 10,000 barrels per day from Block 43-ITT, said Álex Galárraga, manager of the oil company. As of May 13, the controlled production of Petroamazonas was 391,726 barrels per day.

Another way to obtain fresh resources is through the Intracampos round tender, for which $ 700 million in investments are expected. But the process is stopped waiting for the President to sign the Executive Decree authorizing the legal parameters for the contest.

Perez did not know how to give a date for the issuance of said document. Also pending are the corresponding decrees for the Manabí Refinery, the merger of the public companies Petroecuador and Petroamazonas, as well as the ministries of Hydrocarbons, Electricity and Mining.

The Secretary of State was also consulted about the paralysis of the Catalytic Cracking Unit (FCC) of the Esmeraldas Refinery, which did not resume operations on Saturday, May 12, as Petroecuador had offered. In this regard, Perez responded that the facilities have not yet been able to operate again because of the magnitude of the failures in the electrical system. (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/china-tailandia-crudo-ecuador