Agreement over expansion of the Trans-Ecuadorian oil pipeline

Ecuador's state oil company Petroecuador has reached an agreement with five foreign oil companies for a $ 120 million project to expand the capacity of the Trans-Ecuadorian oil pipeline, a Petroecuador official said. The project will increase pipeline capacity from 320,000 bpd at present to 410,000 bpd in 12 months and 480,000 bpd by the end of 1998.
Ecuador, Latin America's third largest oil exporter, currently pumps some 390,000 bpd of crude with about 70,000 bpd transported in the Trans-Andes pipeline. Exports in February were 260,000 bpd. The larger pipeline would allow Petroecuador to develop new fields in the Amazon Basin. The project includes plans for additional tank capacity and an offshore buoy to load tankers of up to 250,000 tonnes.