Enap and PetroEcuador sign exchange oil for refined products

Chief executive of Enap, Rodrigo Azocar, and the President of PetroEcuador, Admiral Luis Jaramillo, Santiago contract signed in Ecuadorian oil exchange for refined products in Chile. As part of its new trade policy, which favours direct relations with oil producers, Enap signed a contract for the exchange of Ecuadorian crude oil for refined products Chileans with PetroEcuador, the state oil company of Ecuador.
The agreement is valid for one year, renewable for a similar period, and was signed in Santiago, the chief executive of Enap, Rodrigo Azocar, and PetroEcuador's Executive President, Admiral Luis Jaramillo Arias.

The agreement provides that PetroEcuador oil provide Enap on the basis of an annual program which includes the presentation of a maximum of 100,000 bpd, while Enap PetroEcuador provides refined products (diesel and gasoline).
Rodrigo Azocar said that this operation is due to Enap's new strategy to "ensure the provision of good-quality oil for our refineries at convenient prices, and establish long-term direct relationships with suppliers."

The executive stressed that "the quality of Ecuadorian crude oil is suitable for Enap's refineries, particularly for the Coker Complex, opened in July 2008 in Aconcagua Refinery.
The Executive President of PetroEcuador, Admiral Luis Jaramillo, said that his company is a great honour to sign a trade agreement and maintain a relationship in this area with Enap, because this is a state enterprise in Chile, recognized in his country for years.

Gulf of Guayaquil
In addition, Admiral Luis Jaramillo and chief executive of Enap, Rodrigo Azocar, signed a Deed of Commitment, through which both parties undertake to analyze and evaluate economic and commercial alternatives to subscribe for a Contract Specific Services between Enap and PetroEcuador for the possible exploitation of hydrocarbons in Block 40 in Ecuador area. This confirmed the presence of marketable hydrocarbons reserves, which would enable the exploitation of them.
Note that Enap has a presence in Ecuador since 2003 through its subsidiary Enap Sipec, active exploration and production of hydrocarbons in the fields Mauro Davalos Cordero (MDC) and Paradise, and Huachito Bigun (PBH), located in the Ecuadorian Oriente.