The government of Ecuador has signed a decree allowing the design, construction and operation of a new 300,000 bbl/d (15 Mt/year) refinery on its coast, which would not involve state-owned companies. Consequently, the government is seeking private investors to build and operate the project, estimated to require US$6bn in investment. The government will review the financial and technical capacity of interested companies and will shortlist qualified investors within 2 months.
The refinery project would have to include deep conversion units to process heavy crude oil and will participate on bidding processes to purchase crude oil (no direct purchase from Ecuadorian state-owned companies). In addition, the refinery would have to sell fuel to state-owned companies at prices below those of the Gulf of Mexico. It would operate alongside the 110,000 bbl/d Esmaralda refinery, which is suffering chronic operational problems.