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Ecuador Political News

Ecuador to reject Repsol asset sale to Canadian firm, energy minister says- Reuters

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Ecuador plans to reject Spanish oil company Repsol’s REP.MC planned sale of its assets in the country to Calgary-based New Stratus Energy NSE.V, energy minister Rene Ortiz said on local radio on Thursday.

New Stratus had said in a statement last week that it had signed a letter of intent to acquire Repsol’s stake in two upstream oil blocks in Ecuador, as well as its stake in OCP Ecuador, which manages the country’s heavy crude pipeline.

Ortiz said New Stratus did not meet technical and financial requirements.

To read the full article on Reuters, click here.


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