The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Monday, April 27, 2009

Ecuador to auction 1 mln barrels of Perenco crude

QUITO, April 21 (Reuters) - Ecuador plans to auction 1 million barrels in seized crude from French oil company Perenco and continue the sales until the company repays pending debts, Oil Minister Derlis Palacios told Reuters on Tuesday.

Ecuador this year ordered seizure of Perenco's production over a $350 million debt with the state for late taxes.

"We will continue with the auction until they (Perenco) repay their debt," Palacios said. "We expect around $40 million from this auction."

State oil company Petroecuador said in a statement that the sale will be for future shipments of both Oriente and Napo crudes until June.

A Perenco spokesman in London was not inmediatly available for comments.

No comments:

Post a Comment