On January 28, 2011, in Beijing, Petroecuador signed a Second Amended and Restated Contract of the first agreement with PetroChina International Co. Ltd. It was signed by Nilsen Arias, assistant manager of International Trade and special representative of Petroecuador, and Zhao Yong, vice president of PetroChina International.
In order to sign this 2011-048 contract, Petroecuador negotiated a prize of 0,525 dollars per barrel, much lower than the 2009 contract, which set a price of $ 1.25 per barrel of Oriente crude and $ 1.30 for the Napo crude, the same that was observed by the Comptroller.
The 2009-433 contract was due to end in July 2011, but this new negotiation includes a batch for the last semester. For billing purposes on these 360 thousand barrels per month, the K factor is calculated on $ 5.9 million instead of $ 44.88 million.