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Petroecuador in deep trouble
Prensa Latina
Quito
Petroleumworld.com 07 31 07
Ecuador's Mine and Oil Minister Galo Chiriboga favored strengthening and modernizing Petroecuador on Monday, as it is in a "perverse" financial and trade situation.That state company's current administrative system is such that decision making could "easily take a year," and projects are delayed "until they pass through all the filters," Chiriboga said.
The minister highlighted the need to reach agreements with the Economy Ministry to strengthen Petroecuador, improve it, renew it, and bring it into condition to compete nationally and internationally "because if the company works well, the whole country will benefit from it."
After assuming the Mine and Oil Ministry leadership last week, Chiriboga said Ptroecuador requires agile and transparent management, "because the more it exports, the worst its economic situation becomes."
Oil experts are in favor of turning Petroecuador into an autonomous entity to manage its finances, because its dependence on the Economy Ministry prevents it from having the funds it needs for its technological development.
Prensa Latina 30 07 07Copyright© 2007 Prensa Latina. All rights reserved.
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