Group including Hyundai, KBR expresses interest in Ecuador refinery deal

A consortium including Hyundai Engineering Co Ltd and KBR Inc has expressed interest in a contract to renovate Ecuador’s 110,000-barrel per day (bpd) Esmeraldas refinery, Energy Minister Rene Ortiz and the companies said on Tuesday.

Last year, Ortiz announced the search for a private company to invest around $2.4 billion in the refinery, owned by state oil company Petroecuador, to boost fuel output at the plant and help the cash-strapped South American country reduce imports of refined products.

The contract will then be signed in April. The deal is part of President Lenin Moreno’s efforts to boost private investment in Ecuador’s struggling economy. He is set to leave office in May after presidential elections next month.

Neither authorities nor representatives of the four companies who attended a press conference clarified how much the consortium was expected to invest, or the fees the consortium would receive for eventually delivering refined products to the state for domestic sale.

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