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Petroecuador: Oil Price Drop
Limited
Galo Chiriboga, president of
state oil company Petroecuador,
termed transitory the drop in
the price of oil in 2006 and
discarded a national alarm for
that drop.
"Oil drops must not generate
larger concerns," said Chiriboga
Friday after adopting measures
in the sector.
He stated that this is the
largest industry of the country
and spoke out for modernizing it
to achieve profitability and
efficiency.
The Petroecuador president
pointed out that the country
exports oil and imports
by-products, so high prices in
the international market have
benefited it on one side, but
affected it on the other.
The national oil trade last year
facilitated national earnings of
$5.4 billion, representing over
a half of the total of exports,
which in 2005 reached almost
over $10 billion.
Oil is Ecuador's main export
product and sale incomes finance
about 35 percent of the State's
General Budget.
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