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New Consortium Could Renew Interest in Ecuador’s Esmeraldas Refinery Future

1/6/2021

Recent reports show that Ecuador’s Energy Minister Rene Ortiz has updated potential movement in the country’s plans for the modernization of the 110,000 bpd Esmeraldas Refinery. This latest consortium includes Hyundai Engineering and KBR in a plan to progress this renovation.

In 2020, Mr. Ortiz announced that Petroecuador was looking for a private company willing to invest up to $2.4 billion to modernize and increase output at the facilities. The Esmeraldas refinery has run sporadically for years and the country is hoping that an influx of funds and maintenance will reduce dependence on refined product imports. This new consortium has until February to make its final bid, with a final decision by the Ecuadorian government expected in March.