Ecuador strengthens its economy with oil pre-sale

On last August 12, the country received $ 1,200 million, for the pre-sale of oil, according to the budget execution published by the Ministry of Finance on its website.

This is the first oil pre-sale of the year and that influx of funds is also being evidenced in the Free Liquidity International Reserve, which rose from $ 3,670 million in July to $ 5,346 million until last August 16.

Petroecuador announced that the official information will be presented through a press release to all the media, but the former Minister of Finance, Fausto Ortiz, explained that this would be the third oil pre-sale throughout the government of Rafael Correa and recalled that “the two previous pre-sales of $ 1,000 million each, received in 2009 and 2011, have already been paid.”

The first pre-sale was carried out in 2009 of 63.9 million barrels and its payment was completed in July 2011. The second one, involved 71.82 million barrels and its payment was completed in August 1, according to Petroecuador.

This third pre-sale was conducted with the participation of Petrochina and CBD (China Development Bank), said Fernando Villavicencio, oil analyst.

Fernando Villavicencio