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Ecuador to bid Oxy crude oil, given failure to reach refining deal with Caracas
El Universal
CARACAS
Petroleumworld.com 07 12 06
Ecuador plans to bid the crude oil US firm Occidental Petroleum (Oxy) has drilled in the country, given continuing difficulties to reach a deal to refine such crude oil in Venezuela, Tuesday said Ecuadorian Energy minister Iván Rodríguez.The official explained that an agreement with state-run oil holding Pdvsa to refine Oxy crude oil in Venezuela was in stand-by, as the Venezuelan holding proposal is not convenient for Ecuador, AFP reported.
"So far, we do not have a clear idea on the benefits for our country. At first, Venezuela talked about (savings for) USD 179 million, but we do not have any written instrument confirming such a figure," Rodríguez told a local TV network.
Should the situation persist, the Ecuadorian government plans to launch an international bidding on the 100,000 bpd Oxy drilled before its operation agreement was terminated amid allegations that it violated Ecuadorian laws.
"We are waiting until Wednesday for the Venezuelan proposal. Then, we are going to consider the possibility to hold an international bidding on the whole production from Block 15 up to February, so that all state oil holdings can participate, including Pdvsa, and those from Indonesia, South Korea, China, Brazil and Colombia, which are interested in our oil."
El Universal 07 11 06
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