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BREAKING NEWS
Cristian Espinosa was appointed Ambassador of Ecuador to the United States
Daniel Noboa receives the credentials of the new United States ambassador
40,000 women will receive scholarships in higher education
Julian Assange released from prison, after agreement with the United States
Armed Forces: Criminal gangs have lost USD 1.2 billion due to military operations in Ecuador
Minister of Defense: “It is not fair that some risk their lives, while others play with justice”
How can green banana flour enhance baked goods?
“I’m crazy for wanting to serve my country,” says Daniel Noboa at the presentation of “La Cárcel del Encuentro” in Santa Elena
Construction of the Encuentro maximum-security prison in Santa Elena begins
National blackout in Ecuador due to transmission line failure, confirms the Government

Ecuador unveils its oil debt

Posted On 01 Aug 2017

Ecuadornews:

 

 

The uncertainty over the oil presale made during the government of Rafael Correa fades away after the Ministry of Hydrocarbons estimated between 500 million and 600 million barrels the quota the country still has to pay to foreign firms. That is the equivalent of a three-year production.
Ecuador, the smallest member of the Organization of Petroleum Exporting Countries (OPEC), has had to resort to such contracts to get financing. Currently, the country has to deliver crude to the Chinese oil companies PetroChina and Unipec Asia -subsidiaries of Sinopec- and the Thai company Petrotailandia.
“We produce about half of what we promised to pay, that is, around 500 million and 600 million barrels, we have yet to deliver the contracts,” stated Minister of Hydrocarbons Carlos Perez.
President Lenin Moreno, in office since May this year, acknowledged last Friday that the country’s economic situation is “critical” due to the high level of public indebtedness and financing needs. As of May, the country’s historical public debt reached 41.893 billion dollars, according to official data. (I)

 

Source: http://www.expreso.ec/economia/ecuador-devela-su-deuda-en-petroleo-MK1590619

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