The price of errors is expensive. The tight economic situation of the country suffers another setback by the failed repowering of the Esmeraldas Refinery.Complications in the plant forced this year to reach a new peak in the import of derivatives such as Liquefied Petroleum Gas (LPG).
The so-called domestic gas is marketed with a subsidy from the Government. That is,the State spent more, this year, on a product that continues to sell at the same price.
According to the financial report of state oil company Petroecuador, from January to October of this year, 9.2 million barrels of gas were imported. Last year they were 8.7 million barrels. A variation of 5.79%.
In dollars the increase is even greater. Ecuador paid 384.7 million for the import of the derivative, during 2017. This year, however, the amount paid was 451.7million dollars. A rise of 17.40%.
Petroecuador imports each barrel at $ 48.81.
Domestic gas spending is even higher because, for the next year, a budget of 692 million dollars is estimated for the subsidy of fuel for household use.
That amount could vary, however, if the subsidy review sought by the national governmentis specified.
EXPRESO consulted with the authorities about the increase in domestic gas imports.Petroecuador assured that on October 1, “Crude Unit 1 of the Esmeraldas Refinery went out of operation due to an emergency stoppage due to the rupture of pipes in the Oven C-H1″. There the fuel is complemented.
The emergent maintenance work lasted 15 days. To cover the deficit, more imported product was acquired.
During the government of former President Rafael Correa, 2,200 million dollars were spent on the repowering of the refinery. According to the former president, the plant was “better than new”.
Ecuador,through the public company Petroecuador, exported 91.9 million barrels of oil between January and October of this year. During the same period of the previous year, the sale of crude oil abroad was 98.9 million barrels. In 2018,OPEC reduced sales amounts.
Although Ecuador exported less crude than in 2017, it gained more. The increase, on average, of the price of the barrel from 44.08 dollars to 62.98 dollars helped the country obtain 5.788 million dollars from January to October of this year.In 2017, 4,361 million were raised.
Ecuador buys more in May
The importation of domestic gas complicated the state oil company Petroecuador throughout the year. May, nevertheless, takes the crown of greater purchase of the derivative. In that month, 1.2 million barrels of Liquefied Petroleum Gas(LPG) had to be acquired. In dollars, that said represents 58 million dollars.In 2017, on the other hand, the largest fuel import was registered in September. In that month, 1.0 million barrels were purchased. The average priceper barrel was $ 46.78. One of the lowest amounts of last year. The highest price, in 2017, was 50.43.
April had the cheapest point
Petroecuador,at least during the general management of Carlos Tejada, looked for months of better prices to import more fuels. Its schedule, as published by EXPRESO atthe beginning of the year, contemplated making purchases when prices were lower.According to the national oil company’s statistical report, the lowest price of a barrel of LPG was April. You could import product for up to 42.56dollars. In that month, Ecuador spent 35.6 million dollars for 836,610 barrels of gas. The most expensive month was September. The barrel cost $ 53.72. (I)