CEOs At PetroEcuador And PetroAmazonas Resign

(Energy Analytics Institute, 3.Nov.2020) — The CEOs of Ecuador state oil entities EP PetroEcuador, Ricardo Merino, and PetroAmazonas EP, Juan Carlos Bermeo, resigned within a 24-hour period over the weekend, reported online newspaper El Universo.

Issues weighing in on both departures include fees related to Ecuador’s Oleoducto de Crudos Pesados SA (OCP) or Heavy Oil Pipeline, the contracting process for all-risk oil insurance, questionable Chinese loans backed by future oil exports to the Asian giant, and possible suspension of spot sales over the next one to two years.

RELATED STORY: Ecuador Eyes Suspendsing Spot Oil Sales Between 2021-2022

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By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.