Petroecuador
Petroecuador petrol station on the Pan-American Highway
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Native name
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Empresa Pública de Hidrocarburos del Ecuador |
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| Government-owned (Empresa Pública) | |
| Industry | Oil and gas |
| Predecessor | Corporación Estatal Petrolera Ecuatoriana |
| Founded | Quito, Ecuador (September 26, 1989) |
| Headquarters | Quito, Ecuador |
| Products |
petroleum refined oil products |
| Subsidiaries | Petroproduccion Petroindustrial Petrocomercial |
| Website | eppetroecuador |
EP Petroecuador (Empresa Estatal Petróleos del Ecuador; Empresa Pública Petroecuador; meaning: State Petroleum Company of Ecuador) is the national oil company of Ecuador. Ecuador who is a member of the Organization of the Petroleum Exporting Countries (OPEC) and, although it is the smallest member, the country produced 526,000 barrels of crude oil per day in 2012. The oil corporation is a significant part of the Ecuadorian economy. The petroleum industry has expanded to the production of refined commodities such as gasoline, liquefied petroleum, and jet fuel. The government of Ecuador is highly dependent on the revenues from the energy sector to support its budget and finance state projects.
Petroecuador is a state-owned enterprise, founded on September 26, 1989. It is the successor to Corporación Estatal Petrolera Ecuatoriana (CEPE) which was formed in 1972. In 1973 Ecuador granted Shell Oil drilling concessions. In 1964, Texaco was also invited. From 1977, Texaco became the majority owner (62.5%) until it transferred ownership back to the Ecuadorean state in 1992, maintaining a 37.5% ownership. The transfer of ownership was due to political policies within Ecuador limiting foreign ownership as well as the decision not to re-new the contracts.
Petroecuador is engaged in the exploration, production, storage, refining of crude oil, and retailing petroleum products. It operates through subsidiaries, such as Petroproduccion (exploration and production), Petroindustrial (refining), and Petrocomercial (transportation and marketing of refined products). The company operates several oil fields, including Shushufindi, Sacha, Auca, Lago Agrio, and Libertador. It also operates the Trans-Ecuadorian oil pipeline network, Sistema de Oleoducto Transecuatoriano (SOTE), built in 1972 for Texaco-Gulf. Ecuador is the fifth largest oil producer in the Latin American region.
Petroecuador owns three petroleum refineries in Ecuador:
The Sector organization in 2012 was organized into the National Oil Companies (NOC's), Petroecuador, Petroamazonas and the Operaciones Rio Napo (which is jointly owned between Ecuador and Venezuela). The company's marketing network includes 148 Petrocomercial service stations.
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Wikipedia