PetroEcuador, the South American country’s state oil company, won’t renew a crude-for-fuel swap accord with Uruguayan oil company Ancap, state news agency Andes reported.
Ecuador decided not to extend the deal after Uruguay exported 80 percent of crude from Ecuador to the U.S. and Panama instead of refining the oil at its La Teja refinery as stipulated in the contract, the agency said, citing PetroEcuador Chief Executive Officer Marco Calvopina.
During the two-year contract, Ecuador exported 24 million barrels of crude to Uruguay and imported 16.5 million barrels of refined fuels, Andes said.
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