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Ecuador president issues decree to open Petroecuador to private investors

Date: Jul 8, 2021

Ecuadorian President Guillermo Lasso issued a decree July 7 aimed at opening up state oil company Petroecuador’s assets to private investment, reversing decades of statist policies in the country.

The decree, which involves an “immediate plan of action” over the next 100 days, establishes a new hydrocarbons policy that seeks to boost the country’s crude oil production, Lasso said.

“We must increase and improve our income, and one of the most important sectors is that of hydrocarbons,” Lasso said at a broadcast signing ceremony at the Presidential Palace in Quito.

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