Ecuador

After five years of not realizing any crude Napo sale of 17° API, Ecuador will resume this commercialization under the spot modality.

Pablo Flores, General Manager of EP Petroecuador, announced the future export of 1´080.000 barrels, which will be delivered in the way of three cargo shipments of 360.000 barrels each. He also announced that this process will be carried out between September and October of this year, which will generate income of USD 63 million for the Ecuadorian government.

Flores also added that around fifty companies, among retailers and refineries, will be invited to participate in the bidding, to submit their offer with a differential governed by the crude marker West Texas Intermediate (WTI).

This spot modality allows to obtain a better and more optimate price for the Ecuadorian crude according to the market conditions. Ecuador will resume this spot sales las year but only with “Oriente” crude which has proven to be lighter.

Carlos Pérez, non-renewable energy and natural resources minister, signaled that through spot sales “the Government guaranties the transparency in the processes of commercialization at international level”.

Source:

(El Universo)

URL: https://www.eluniverso.com/noticias/2019/08/20/nota/7479204/ecuador-anuncia-venta-spot-crudo-napo#cxrecs_s

Nominal GDP (USD millions): 108,398 (2018) 108,398 (2018)

Monthly Inflation: 0.09 (Ju-2019) 0.09 (Ju-2019)

Quarterly Urban Unemployment Rate: 5.57 (Jun-2019) 5.57 (jun-2019)

Monthly Reference Active Rate: 8.74 (Aug-2019) 8.74 (ago-2019)

Monthly Reference Passive Rate: 5.92 (Aug-2019) 5.92 (ago-2019)

Balance Trade Balance% Accumulated GDP: 0.10 (Jun-2019) 0.10 (jun-2019)

Public External Debt% Monthly GDP: 36.04 (Jun-2019) 36.04 (jun-2019)

Balance of the Internal Public Debt of the Central Government (USD million): 16,626.16 (Jun-2019) 16,626.16 (jun-2019)

Dow Jones Index: 26,135.79 (08-19-19) 25,479.42 (14-08-19)

Country Risk: 737 (08-18-19) 725 (14-08-19)

Fuente: Banco Central del Ecuador (BCE)

URL: https://www.bce.fin.ec/index.php/informacioneconomica

During an interview realized to José Valencia, minister of Exterior Relations and Human Mobility since June last year, mentioned relevant information regarding the cost the Government will be incurring due to the increment of migratory flux of Venezuelan citizens on the last few months.

For example, starting august 26, Venezuelan citizens will be required a humanitarian Visa when entering Ecuadorian territory, the same that will be delivered through the Exterior Relations Minister web page, the same that will be operating as a virtual consulate. This process will be realized purely on the

internet, and when the requirements are fulfilled, there will be a one and only payment of USD 50 dollars and if necessary, a further interview will be required.

Several other questions where made regarding what type of visa will the Venezuelan citizens will require when entering Ecuadorian territory, which in this case will be either the humanitarian visa or tourist visa.

Another important question was the one related with the regularization of the Venezuelan citizens that are already residing in Ecuador. José Valencia answered they are currently working alongside the Government Minister. Also, there is a census due, determined in the Decree 826. Within this process there will be several basic questions which will facilitate the identification of Venezuelan citizens, as well as their necessities. Also, he confirmed that the census will be realized alongside the emission of humanitarian visa of short stay, which is scheduled this October 26. Finally, the cost of the whole process will be around USD 4.5 million, depending on how many people present themselves.

Source:

Andrés García (El Comercio)

URL: https://www.elcomercio.com/actualidad/valencia-cancilleria-visa-humanitaria-venezolanos.html