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South Korean company to repair Ecuador refinery

South Korean company to repair Ecuador refinery

South Korean company SK Engineering and Construction has signed a $187 million contract to help Ecuador upgrade its largest oil refinery.
Ecuadorean officials say the Esmeraldas refinery now operates at 85 percent capacity because of structural problems and obsolete equipment.
State oil company Petroecuador on Monday said the deal aims to have the refinery at full capacity by 2011, processing 110,000 barrels of crude a day.
It said work will begin "immediately."
Ecuador produced nearly 500,000 barrels of crude a day in October, but output is failing to meet domestic demand.
Ecuador is the fifth largest oil producer in South America.


Updated : 2021-04-23 04:58 GMT+08:00