Ecuador discloses $ 2 bn oil sector program

May 14, 1999 02:00 AM

Ecuador's president Jamil Mahuad has disclosed a $ 2 bn oil sector program comprising a concession to operate the country's La Libertad refinery, another for the Ishpingo-Tambococha-Tiputini oil railway, a joint venture with state oil field operator Petroproduccion and licenses to operate southern oil fields.
Bidding rules for the 20-year La Libertad concession should be ready within two months, state oil company Petroecuador president Jorge Pareja added, with the auction taking place by the end of the year.
The winner must pledge to a minimum $ 200 mm modernisation and expansion investment plan.
Among the expected improvements are the construction of a new cracking unit and an increase in the plant's capacity to process heavy crudes from 42,000 bpd to 60,000 bpd.
The concession's success will determine whether authorities will auction the country's main refinery, Esmeraldas, Pareja said.
Investments for the Petroproduccion oil fields - Shushufindi, Sacha, Auca, Libertad and Cononaco - investments would total between $ 1 bn and $ 2 bn.

Source: BNA via Iinoil
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