(Energy Analytics Institute, 4.Jan.2021) — The long awaited merger of Ecuador’s two state oil and gas entities EP PetroEcuador and PetroAmazonas EP was approved by the South American country’s President Lenín Moreno.
The restructuring of the two companies conclosed on 31 December 2020 and Moreno signed executive decree #1221 on 7 January 2021 to give official approval to the process, Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR) announced 7 January in an official statement.
The merger is intended to create single and strong state oil and gas entity, which will be EP PetroEcuador in this case.
EP PetroEcuador normally looked over Ecuador’s three refineries and was active in the country’s tenders for oil exports and refined product imports, while PetroAmazonas EP was active in the country’s exploration and production activities.
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By Ian Silverman. © Energy Analytics Institute (EAI). All Rights Reserved.
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