The presale ties the oil industry

Image: Expreso

The presale policy of oil the Government has is being questioned because of the conditions and the numbers. According to analysts, 100% of the oil production is compromised with future sales. That need will force the authorities to check the operations in the refineries.

China and Thailand are some fixed buyers of the oil that´s still underground. Some presales were agreed with tied loans. This means that, Ecuador receives money and, in exchange, pays interests, gives back the money and, besides, compromises part of its hydrocarbon production.

The prices, according to the Hydrocarbon Minister, are adjusted to the market. A single barrel´s value is determined when it embarks to be exported and not in the moment of the negotiation. A benefit, say some of the authorities, because it generates liquidity.