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Ecuador to Realign Energy Sector
The new government of Ecuador
began restructuring the national
energy sector Thursday to
prepare for a post-oil economy.
Energy Minister Alberto Acosta
said the new set of rules for
mining and oil and electricity
will allow development of
alternative energy sources
through rational exploitation.
The minister said they will
reinforce state-run oil company
Petroecuador, which reserves
will last between 25-27 years
and may extend to 40 years with
the Ishpingo-Tambococha-Tiputini
development plan.
Acosta also called to
rehabilitate refineries and
announced the construction of a
new plant to refine oil from
Ecuador and Venezuela from the
Orinoco Strip.
Nevertheless he indicated that
private companies reserves will
not last 10 years, and that of
Limoncocha will not reach 2.7
years.
The minister added that they are
revising oil contracts and
support renegotiation with
foreign companies rather than
imposing the law to defend
national interests.
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