Ecuador issued a decree that paves the way for transferring the operation of the former OPEC country's largest oil refinery to the private sector.
The 110,000 b/d Esmeraldas refinery, owned and operated by state-owned PetroEcuador, has been running sporadically for years, partly because of faulty maintenance. Under decree 1094, President Lenin Moreno grants exceptional authorization for PetroEcuador to operate the refinery in conjunction with a private-sector partner.
The ministries of non-renewable natural resources, economy and finance will together define the contractual mechanism for the investor to participate at its own risk to improve the refinery's operations and the quality of the fuel that it produces.
