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January 10, 2008 |
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PETROECUADOR: Saves US$38.8 Million in Crude Fuel Swap Pact Ecuadorian state-run oil company Petroecuador has saved some US$38.8 million in 2007 under a preferential crude fuel swap accord with Venezuelan state firm Petroleos de Venezuela SA, Business News Americas reports. Petroecuador said in a statement that it delivered last year some 14.4 million barrels of Napo and Oriente crude to Petroleos de Venezuela that in turn returned 9.01 million barrels of diesel oil, high-octane naphtha and premium diesel. About Petroleos de Veneuzuela Petroleos de Venezuela SA -- http://www.pdv.com/ -- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. Petroecuador, according to published reports, is faced with cash-problems. The state-oil firm has no funds for maintenance, has no funds to repair pumps in diesel, gasoline and natural gas refineries, and has no capacity to pay suppliers and vendors. The government refused to give the much-needed cash alleging inefficiency and non-transparency in Petroecuador's dealings. |
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