April 19, 2012:

Ecuador's largest refinery is back online after a power cut last week that brought the 110,000 barrel-a-day facility to a halt, state-run oil company Petroecuador said on Thursday. A company spokesperson told Reuters that different units have gradually resumed production at the Esmeraldas refinery in the northern province of the same name following a power cut on April 12. The last unit to go back online was the fluid catalytic cracking unit (FCC), which was restarted on Wednesday night.

A Petroecuador executive told Reuters in January that Esmeraldas will cut its crude runs for a year beginning in August while the facility is overhauled. The company is investing $750 million to boost efficiency and reduce pollution, and also plans to spend another $600 million on units that would let it produce higher quality fuels. The Esmeraldas overhaul is part of Petroecuador's plan to boost production of refined oil products, which should allow the country to export fuel in the future rather than only crude oil. Ecuador is OPEC's smallest member and currently produces around 500,000 barrels of oil per day

The centerpiece of the plan is the construction of the $12.5 billion Pacifico refinery, a joint venture project between Petroecuador and Venezuelan state oil company PDVSA that should start production in 2015. Central Bank President Pedro Delgado told reporters on Thursday that Ecuador is in talks with China to secure financing for the project.

By Reuters