Posted On 15 Dec 2015
It had less than two years of life. The Public Company of Economic Development Eloy Alfaro (Azede EP) was absorbed by Yachay EP by order of President Rafael Correa. Yesterday, Executive Decree 845 was issued, which sealed the fate of the company in charge of promoting projects in the area where the Pacific Refinery must be built.
The work, delayed due to the lack of funding and a partner that invests more than 11,000 million dollars, was the only big project of Azede.
The company, that does not have a website, records some meetings with the Ecuadorian Petrochemical Institute and the Latin American Petrochemical and Chemical Association.
As specified by the Decree, Yachay has 90 days to assess the mechanisms of the merging.