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Ecuador seeks to renegotiate oil contracts with companies in China and Thailand
Posted On 25 Oct 2017
Ecuadornews:
Ecuador is seeking to renegotiate oil contracts with companies in China and Thailand, which gave money to the country in exchange for the oil production until 2024. The agreed terms cause losses to the state.
Petroecuador Manager Byron Ojeda said that the state company has already started talks to defend the interests of the country. He added that the losses for Ecuador are increasing day by day because of the contracts but that while the divergences are resolved, the state agreed to continue delivering crude to its creditors.
The PetroChina, Unipec and PetroTailandia companies have delivered about $ 5.3 billion since 2011 to the country in exchange for future crude oil production. However, an assessment of the terms of the agreement showed that the value of oil would amount to $ 22 billion.
Before this, the main executives of Petroecuador went to Houston (United States) last week to renegotiate with representatives of PetroChina and Unipec. Negotiations with PetroTailandia will start next week. (I)
