OCP Ecuador exported more than 20 million barrels of Colombian crude

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QUITO (Sputnik) – The Heavy Crude Oil Pipeline (OCP) exported in the last five years more than 20 million barrels of Colombian crude, which generated for Ecuador about 90 million dollars in foreign exchange income, although the company expects in the future to increase those figures, the president of the company, Andres Mendizabal, told Sputnik.

"Ecuador has broken a record by exporting just over 20 million barrels of Colombian oil through the Ecuadorian port of Esmeraldas, using an innovative transportation system," Mendizabal told Sputnik.

The transport system combines the use of tank trucks (60% of Colombia and 40% of Ecuador) with the use of the pipeline.
Colombian oil is transported from the municipality of Orito, located in the department of Putumayo (southwest of Colombia), to the Ecuadorian port of Esmeraldas (north of Ecuador, on the border with Colombia), from where it is exported to international markets .
At the moment, the transport of Colombian crude oil is around 20,000 barrels per day.

The transport of Colombian crude oil through the OCP is carried out thanks to the binational agreement signed in 2013 by Ecuador and Colombia.

Mendizabal also reported that OCP Ecuador does not analyze, at the moment, any early reversal of the pipeline to the State.

"We continue to work thinking in 2023; we continue to invest; we continue to do things well; at the time we will see what the State has an idea to do, but there are no conversations, it is very soon," Mendizabal emphasized to this agency.

The contract between OCP Ecuador and the Ecuadorian State ends in November 2023, when the pipeline must revert to the State.

At the end of 2017, the then Minister of Energy, Carlos Perez, said that the State will seek an early reversal of the pipeline taking into account that Ecuadorian oil is getting heavier, but Mendizabal said there is no negotiation in that regard.

The construction of the OCP is so far the largest private investment that has been made in the country: 1,474 million dollars.
After 16 years of operation, OCP Ecuador paid about 680 million in taxes and contributions to the State; To date, 855 million barrels of crude oil were transported, which allowed some 47,000 million dollars to enter the Ecuadorian economy.

Annually, the export revenue of crude oil through the OCP, according to Mendizabal, is equivalent to 4 percent of the GDP of the Andean country.

The OCP transports around 200,000 barrels of crude oil per day, including Colombian oil; Its total transport capacity is 450,000 barrels per day, so it can easily absorb increases in production from Ecuador and Colombia.



Source link
https://mundo.sputniknews.com/america-latina/201912051089534828-ocp-ecuador-exporto-mas-de-20-millones-de-barriles-de-crudo-colombiano/

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