Print Edition - 2018-10-07  |  Money Digest

Ecuador signs oil investment contracts

QUITO

Oct 7, 2018-

Ecuadorian authorities on Friday signed investment contracts worth about $1.6 billion with private companies to develop six oil fields in the country’s northeastern provinces, local newspaper El Comercio reported. Ecuadorian President Lenin Moreno was present at the signing ceremony held in the coastal city of Guayaquil. With four other contracts signed in February, the country has “picked up investments of more than $2.3 billion in the petroleum sector” this year, Moreno said. According to the president, the country produces some 500,000 barrels of crude oil daily and with the new investment, the output will increase by about 6 percent in the next 15 years. (XINHUA)

Published: 07-10-2018 08:12

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