(Energy Analytics Institute, 28.Aug.2020) — Ecuador’s state oil and gas entities EP PetroEcuador and PetroAmazonas EP have been given the go ahead for a merger that will go into effect 1 January 2021.
The deal will be executed with respect for all the obligations and contractual commitments acquired by the two companies, Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR) announced 28 August in an official statement.
The merger – which will comply with Decree 723 emitted on 24 April and approved by Ecuador’s President Lenin Moreno Garcés – was approved by a joint technical commission of the boards of PetroEcuador and PetroAmazonas.
The commission resolved to approve a motion to allow PetroEcuador absorb PetroAmazonas; thus, unifying the two companies’ oil business value chain activities composed of the exploration, exploitation, transportation, refining and commercialization of hydrocarbons, MERNNR said.
By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.