(Energy Analytics Institute, 10.Jul.2020) — Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR) together with state controlled EP PetroEcuador plan to define the contractual mechanism for a private investor to contribute, at their own risk and expense, to the improvement of the supply and quality of fuels produced at the Esmeraldas refinery.
Executive Decree No. 1094, signed 10 July 2020 by Ecuador’s President Lenín Moreno, exceptionally authorizes joint management between EP PetroEcuador for the operation of the Esmeraldas refinery, MERNNR announced 10 July 2020 in an official statement.
“This is not a process of monetization, it’s a process of transfer and delegation of the operations, the patrimony remains with the Ecuadorian state,” said MERNNR head René Ortíz in the statement
The selected private company — after following the contractual due process — will have to carry out studies and the necessary investments to ensure the operation of the Esmeraldas refinery and at the same time guarantee the continuous supply of hydrocarbon derivatives under international standards of operation, quality and strict environmental regulations.
By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.