OCP Ecuador and Petroecuador will interconnect their terminals in Esmeraldas to increase crude oil export capacity

With the public-private alliance, loading capacity will increase from 700,000 to 2 million barrels

Through a public-private alliance betweenOCP EcuadorandPetroecuadorThe interconnection between its maritime terminals, located in Esmeraldas, will be put into operation.

This operation will allow the optimization of the export performance of Ecuadorian crude oil so that the State has the option of carrying out larger volume exports, reported both companies and theMinistry of Energythrough a statement.

Gonzalo Maldonado, general manager of Petroecuador, explained that the alliance will allow the export of oriental crude oil, transported by theTrans-Ecuadorian Pipeline System (SOTE), through the facilities of theHeavy Crude Oil Pipeline (OCP)in Punta Gorda, in the province of Esmeraldas.

The interconnection of terminals will increase the load capacity of 700.000 a 2 million barrels, this means that, from now on, ships with greater draft will be able to access from this facility (OCP), even the largest in the world called VLCC (very large crude carrier) which on average can transport up to 2 million barrels.

Maldonado added that the use of these facilities will not be subject to payment of any tariff by Petroecuador and will allow maximizing income in the marketing of Eastern crude oil, in addition to diversifying markets and allowing Ecuadorian crude oil to reach new destinations worldwide.

While,Andrés Mendizábal, executive president of OCP Ecuador,He indicated that the interconnection between terminals will generate the opening of new markets and better prices for crude oil exports by offering the market loads with greater volume.

“The State will obtain greater economic benefits from the export of Ecuadorian crude oil,” said Mendizábal.

The infrastructure,6 kilometers long, which makes this interconnection possible, is ready and its use will allow the crude oil to be consolidated and shipped on large capacity ships. Which will increase the competitiveness of Ecuadorian crude oil when carrying out international competitions and offers.

For its part, René Ortiz, Minister of Energy, assured that the alliance will result in obtaining a better price for crude oil exports, optimization of logistics processes and the intervention of new economic actors.

“The importance of maintaining collaboration between the public and private sectors in all processes of the value chain of Ecuadorian crude oil and in the specific case of international transportation and marketing,” the minister also highlighted, who added that by optimizing logistics costs , Ecuadorian crude oil will be able to achieve a better positioning in the Asian market, which until now and according to data from the Central Bank barely reaches this in a6,6%.