The President of Ecuador, Lenín Moreno, has issued a decree that “exceptionally” approves joint management with the private sector of the Esmeraldas refinery, one of the most important in the country.
According to the Ecuadorian local newspaper ‘El Comercio’, the Ministry of Energy and Natural Resources has to determine the procedures and conditions to determine the modality with which the delegation will take place in the private sector.
Therefore, the selected private company must carry out the studies and investments necessary to improve the infrastructure, as stated in the decree itself. Among them the best of the efficiency of the plant and the reduction of emissions.
Former Minister of Energy Fernando Santos has indicated that this new initiative will make it possible to make better use of the waste from refining.
“It is not a privatization, but the transfer of management of the Esmeraldas refinery to the private company. But the workers will continue to belong to Petroecuador, the state oil company will continue to supply the crude,” he said.