Ecuador Resolves To Liquidate Pacific Refinery Venture

(Energy Analytics Institute, Piero Stewart, 14.Mar.2019) — Petroecuador announced that on March 12, the country’s superintendent resolved the liquidation of the Refinería del Pacífico Eloy Alfaro Compañía Mixta, also known just as the Pacific Refinery.

Resolution 2061, issued by the entity establishes seven compliance points and appoints a legal representative for the company to initiate the liquidation process, reported online media El Universo.

From the date of publication of the resolution, creditors will have 60 days to present justifications of their debts.

In legal documents, Petroecuador has argued that the project started with capital of $283 million financed by the company and $228 million financed by Venezuela’s state oil company PDVSA. The Ecuadorian state has been the only contributor with more than $1,000 million, El Universo said.

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© Energy Analytics Institute (EAI)

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