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LatinNews Daily - 30 March 2021

In brief: Ecuador’s state-run oil company enters partnership to boost exports

* Ecuador’s state-run oil company, Petroecuador, has announced a “strategic alliance” with the private crude oil transport company Oleoducto de Crudos Pesados (OCP), aimed at boosting oil exports whereby maritime infrastructure will be shared. Petroecuador will use OCP’s infrastructure in Punta Gorda, Esmeraldas province, without having to pay a fee, which Petroecuador’s CEO Gonzalo Maldonado said would enable the company to load larger tankers and reach new markets. Ecuador’s energy minister, René Ortiz, welcomed the public-private initiative, and said that “by decreasing logistical costs, Ecuadorean crude oil will be able to better penetrate the Asian market, where according to figures from the central bank it currently only has a 6.6% market share”. According to a Petroecuador statement, the use of OCP infrastructure will increase the loading capacity for each shipment from 700,000 barrels to 2m barrels, meaning that the world’s largest oil tankers will be used to ship Petroecuador oil. This is expected to decrease transport costs by increasing cost efficiency per shipment.

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