Ecuador oil pipeline to start pumping in September
"The pipeline will begin operating in September of this year, with a capacity of 220,000 barrels per day, which in January of 2004 will rise to 390,000 barrels per day," said Mauricio Yepes, the president of Ecuador's Central Bank.
Yepes told reporters that Ecuador aims to double its oil output to 700,000 barrels per day. He was speaking on the sidelines of the International Monetary Fund and World Bank spring meetings.
Ecuador currently has only one oil pipeline in operation, with a capacity of about 400,000 barrels per day. The new 500 kilometer pipeline will link oil fields in the Amazon with a port on the country's Pacific coast.
The $1.3-billion project is Ecuador's biggest infrastructure undertaking in more than a decade. Ecuador has opened its energy industry to the private sector and kept investments by the state-owned Petroecuador at a minimum.
The pipeline is being built by OCP Ecuador, a consortium made up of EnCana Corp. (ECA.TO), Agip Petroleum. (ENI.MI), Occidental Petroleum Corp (OXY.N), Perenco, Repsol-YPF (REP.MC), Perez Companc (PCH.BA) and the Argentine construction company Techint.