The contract for the provision of services sets a tariff on the price of a barrel of crude that paid by the State to private enterprise. Clauses of accumulation of contracts signed in 2010 generated debt that the country should be canceled.
In one example, with the transnational Agip, the country set a fee of $35 per each barrel extracted. The rest of the value remains in the hands of the State. You must add, in addition, a margin of sovereignty of 25% which reserves State “prior to any distribution”.
During the first quarter of the year, the cost of oil was not covering the agreed rates and the difference began to accumulate and, until February, added a debt of $ 87.95 million.
Repsol Ecuador with 29.89 million, is the main creditor, according to a report of the Ministry of hydrocarbons – delivered to the National Assembly.
The State shall pay that amount when the price of the barrel stabilizes. Fausto Herrera, Minister of finance, said that studies are underway to determine the stability of prices in recent weeks. 87.95 million joined the VAT payments (48.03 million) that made companies and who must return.
For Ramiro Aguilar, independent Assemblyman, it is necessary to negotiate a contract that has a point halfway between the current model and one that prevents abrupt downturns of the cost. That was, in its opinion, the failure of Government.