Ecuador reaches pre-agreement with Thailand’s PTT to renegotiate oil-for-loan deal

State-run oil company Petroecuador was expected to deliver up to 85 million barrels this year to PTT and PetroChina to amortize loans extended by the companies to the nation over the last decade.

RIO DE JANEIRO, BRAZIL - Ecuador has reached a preliminary agreement with a unit of Thailand’s state-run PTT PCL to extend to 2024 the payment period of an oil-for-loan agreement that was originally planned to be fully paid through 2022, the country’s energy minister said on Thursday, March 11th.

State-run oil company Petroecuador was expected to deliver up to 85 million barrels this year to PTT and PetroChina to amortize loans extended by the companies to the nation over the last decade.

But making those deliveries would have made it difficult for Ecuador to fulfill . . .

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