Boletín 256 · 26 de septiembre - 2 de octubre de 2013
Quito - Ecuador
artesjournal@hjbecdach.com
35 años de HJ Becdach se celebra con la feria petrolera más grande del país
Una producción de HJ BECDACH. Presidente Ejecutivo: Hassan Becdach M. Dirección de arte, diseño y diagramación: Paulina Enríquez M. Publicidad y ventas: Elizabeth Lema - ferias@hjbecdach.com / 0998577288. Todos los artículos expuestos en la publicación tienen su respectiva fuente, así como las fotografías e infografías. www.hjbecdach.com
Petróleo artesjounal@hjbecdach.com
I
N
Mes / año
D
I
C
Precio petróleo WTI
Septiembre 1963 Septiembre 1973 Septiembre 1983
$ 2,97 $ 4,31 $ 31,11
A
D
O R E Mes / año
Precio petróleo WTI
$102,81 (+ 0,43%) 26 de septiembre de 2013
S Precio petróleo WTI
Septiembre 1993 Septiembre 2003 Septiembre 2013
$ 17,51 $ 28,29 $ 104,61
35 años de HJ Becdach se celebra con la feria petrolera más grande del país Publicación: 26 de septiembre de 2013
PRECIOS DE LOS PRINCIPALES MINERALES DEL MERCADO COBRE
ORO
PLATA
ESTAÑO
ALUMINIO
MOLIBDENO Fuente: www.cochilco.cl
La Inauguración Oficial de Ecuador Oil&Power 2013 fue realizada por el Ministro de Recursos Naturales No Renovables, Pedro Merizalde y la Ministra del Ambiente, Lorena Tapia, junto al organizador de la feria, Hassan Becdach M. En el encuentro, los ministros hablaron de la importancia de este evento para el desarrollo del sector petrolero ecuatoriano.
E
l día de ayer comenzó la feria exposición Ecuador Oil & Power 2013. Fue una jornada donde se realizaron ponencias muy importantes sobre el sector petrolero ecuatoriano. En el almuerzo conferencia se analizó la Planificación Hidrocarburífera para el mediano y largo plazo, a cargo de Andrés Donoso, Secretario
2
de Hidrocarburos del Ecuador por parte del Estado y Franklin Paredes, experto de REPSOL Ecuador, de la empresa privada. Además se trató acerca del cambio de la matriz energética y la eliminación de los subsidios, a cargo de Leonardo Stanley, Investigado asociado del Centro de Estudios de Estado y
Sociedad, CEDES, Argentina. Con este excelente comienzo, la feria se abrió al público en general a partir de las 15h00, y es la primera vez que en el Ecuador se implementa un sistema de registro para todos los visitantes mediante un proceso electrónico, para que todos quienes asistan,
tengan su propio identificador personal, que a más de dar seguridad a todos quienes se encuentran en la feria, permite a que todas las empresas puedan registrar por medio de su teléfono inteligente a todos sus nuevos clientes y contactos que interactuarán en los 3 días de feria. Por la tarde continuaron las conferencias, con el primer panel de debate, bajo el tema de El rol de la regulación y el Trilemma Energético. Los ponentes fueron: Leonardo Stanley, Investigador asociado del Centro de Estudios de Estado y Sociedad, CEDES Argentina, Viviana Subía, líder de lubricantes de la Agencia de Regulación y Control Hidrocarburífero, Roger Tissot, Asesor experto en política, economía, petróleo, gas, electricidad de Canadá, Rosendo Machado, representante de la Refinería del Pacífico y Marcos Guayasamín, Consultor EJAL S.A. Por la noche se llevó a cabo la Inau-
guración Oficial, que este año fue diferente porque HJ Becdach cumplía 35 años de trabajo en eventos y ferias internacionales, y donde se dieron varios eventos en torno a esta celebración. Las intervenciones de Pedro Merizalde y Lorena Tapia, Ministros de Recursos Naturales No Renovables y Ambiente, respectivamente, dieron la pauta para explicar los proyectos que tiene el Gobierno Nacional en torno al aumento de producción y la posible explotación de los bloques ITT. Pero los actos emotivos y de reconocimiento a Hassan Becdach Muñoz, fundador y organizador de la feria no se hicieron esperar. Su hijo, Hassan Becdach B., Gerente General, expuso sobre los cambios y las proyecciones de la empresa en un futuro inmediato, desde una renovación de marca, pasando por las nuevas implementaciones en registro electrónico y físico, nueva página web, hasta los nuevos retos que tiene la empresa y que im-
plican la realización de ferias energéticas en Orlando, Florida, con la perspectiva de una integración energética latinoamericana hacia el mundo. Continuó con su intervención, y presentó un video emotivo sobre toda la trayectoria de su padre y de su empresa, que lleva su nombre. Fueron momentos de mucha alegría, nostalgia, y que representaba todo el esfuerzo de su padre en todos estos años de trabajo. Finalmente se realizó la Inauguración Oficial, en medio de tanta emotividad, con la presencia de los Ministros y Secretarios de Estado, Presidentes y Gerentes de las empresas participantes, embajadores e invitados especiales. La feria continúa el día de hoy hasta mañana, con un ciclo de conferencias magistrales y técnicas, así como la sala de exhibición, con más de 200 stands. La cita es en el Centro de Exposiciones Quito, a partir de las 15h00 hasta las 21h00.
1. Conferencistas y ponentes del Primer Almuerzo Conferencia: Hassan Becdach, Leonardo Stanley, Carlos Loor, Andrés Donoso, Kurt Freund y Franklin Paredes. 2. Primer Panel de debate: Carlos Loor, Marcos Guayasamín, Viviana Subía, Roger Tissot, Hassan Becdach M., Leonardo Stanley y Pedro Espín. 3. Inauguración Oficial: Lorena Tapia, Hassan Becdach M., Pedro Merizalde y Hassan Becdach B. 4. Parte del personal de HJ Becdach y su homenaje a Hassan Becdach Muñoz, Presidente Ejecutivo.
3
Petr贸leo artesjounal@hjbecdach.com
Ecuador Oil & Power en im谩genes
4
ANALYTICA INVESTMENTS WEEKLYREPORT@ANALYTICAINVESTMENTS.COM
Ramiro Crespo Chairman of the Editorial Board
WWW.ANALYTICA.COM.EC
ECONOMIC INDICATORS
ECUADOR WEEKLY REPORT® For the week of September 16– September 20, 2013
Ecuadorian Global Bonds (September 20, 2013)
Playing Offside When
US
actress
Daryl
Hannah
was
BID
ASK
Global 2015
103.62
104.92
Global 2030
28.13
32.13
photographed six years ago with her hand dripping in oil from an abandoned oil pit in the
BCE International Reserves In million US$
Amazon region, it symbolized the plight and fight of local residents against pollution allegedly the responsibility of US oil major Chevron. When
Dec 2012
2,482.53
-38.45%
Feb 2013
4,212.81
69.70%
Apr 2013
4,660.87
10.64%
populist president Rafael Correa this week had
Jun 2013
3,760.54
-19.32%
himself photographed in a similar pose, right arm
Aug 2013
4,508.12
19.88%
Inflation Aug 2013
0.17%
Year to Date
1,10%
Year on Year
2.27%
extended as if in a 1930s salute, it looked like a trite copy. Rather than recovering his tarnished image as an environmentalist, the pictures
Banks – Short and long term Deposits In million US$
served to remind Ecuadorians of the perils of oil
April 2013
12,128.3
2,57%
production. Even the generally pro-Correa Afro-
May 2013
12,139.5
0,09%
June 2013
12,286.6
1,21%
July 2013
12,372.6
0,70%
Sept 6 2013
12,546,4
1,40%
Ecuadorian
Association
blasted
Correa
for
allegedly racist stigmatization by “using a raised blackened hand as a symbol of destruction; as the Afro-Ecuadorian people, we completely reject this show.” And with Chevron winning a key decision
in
an
arbitration
suit
against
Ecuador the same day, the deeper cost to the country is becoming ever clearer. The dispute centers on the decades-old suit over
whether
Chevron
must
pay
for
environmental damages left over from the 1970s to 1990s. Texaco, the partner of the state oil company now called Petroecuador, operated an arc of oil production from Coca to Shushufindi
Ecuadorian Oil Export Prices (US$ per barrel)
in northeastern Ecuador, spilling some 16 billion
Quito and Guayaquil Stock Exchanges
gallons of oil and polluted water, contaminating the streams and rivers from which many local
Equities: Most Traded Securities
communities still get their water. Texaco and Petroecuador’s precursor agreed to a cleanup,
Cash Value Issuing Company
(From to September 9 to September 13) (In Thousands US$)
Closing Price
Last Date of Trade
(In US$)
after which the government and municipal
CORPORACIONFAVORITA C.A.
1,586.97
4.10
19/09/2013
governments exonerated it from any further
HOLCIM ECUADOR S.A.
166.71
66.30
19/09/2013
MUTUALISTA PICHINCHA
102.80
100.00
19/09/2013
BANCO PICHINCHA
70.20
0.80
19/09/2013
BANCO DE GUAYAQUIL
55.04
0.50
18/09/2013
23.40
5,850.00
13/09/2013
13.99
12.00
18/09/2013
8.31
5.75
18/09/2013
claims. This happened in 1998, the year after the US-Ecuadorian bilateral investment guarantee treaty went into effect. But a group of several dozen local residents sued for damages. In 2011, a judge in the
FIDEICOMISO OMNI HOSPITAL LA CUMBRE FORESTAL S.A. (PEAKFOREST) HOLDING TONICORP S.A. S.A.
Source: Precios máximos y mínimos de acciones & Pulso Bursátil Semanalissuedby:
Amazon oil town awarded them a sum that now
Bolsa de Valores de Quito (BVQ).
amounts to $19 billion. The plaintiffs won all appeals lodged by Chevron, which says that
Fixed Income
they won the suit due to fraud perpetrated by
Recent Relevant Issuances Structured by Analytica
their local and US lawyers, with the help of corrupt Ecuadorian judges. A video available on Youtube shows Alexis Mera, Correa’s main legal advisor, recommending the lawyers organize
Issuing Company
Issue Type
Total Amount Issued (In Thousands US$)
Credit Rating
Term (In years)
Yield of Return
FARCOMEDFYBEC A
Securitization
12,500
AAA
5
7.50%
Corporate Bonds
5
7.75%
5,000
AA+ 3.75
7.50%
5
8.50%
Securitization
6,000
3
7.50%
1
6.00%
8
8.50%
5
7.50%
public rallies to press their case, before angrily asking why he is being filmed. Even some
CORPORACIÓNA ZENDE
environmentalists privately acknowledge that a court-appointed expert fabricated an estimate
AA+
Commercial Paper
3,000
AA+
Securitization
15,000
AAA
putting the cost of a cleanup at $23 billion. Since Chevron has almost no assets in
EDESA
Ecuador, the plaintiffs’ lawyers and company
JAHER
Securitization
13,000
AA+
5
8.50%
know that they can only hope to make good on
DEXICORPGRUPO KFC
Commercial Paper
7,500
AA+
1
6.00%
the damage award if courts overseas agree to enforce it. In international arbitration suits and in
guarantee treaty (BIT), decided that the 1990s
foreign
has
waiver of responsibility protects it from third-party
racked up a string of recent wins. This week, a
damage claims. In a nutshell, the suit should
United Nations arbitration tribunal in The Hague
never have gone ahead, according to the
probably rang the death knell for the plaintiffs’
tribunal, which consists of an arbiter picked by
dream of ever collecting the world’s biggest-
each of the parties and one chosen by those
ever environmental damage award. The tribunal,
arbiters. So far this year, judges in Argentina and
called by Chevron because it says Ecuador
Canada
have
hasn’t respected terms of the investment
lawyers’
requests
courts
however,
the
company
ruled for
against
the
enforcement
plaintiffs’ of
the
Ecuadorian
damage
award.
The
UNCITRAL
(United Nations Commission on International Trade Law) tribunal’s decision will now make it
by the judiciary, not interference from the executive branch, as he appears to think. Aside from whatever damages the arbitration
tough for judges in Brazil and anywhere else to
tribunal
agree with the plaintiffs’ demands. On its part
Ecuador in general faces an additional cost
the
its
incurred by Correa’s aggressive attitude. By
questioning of the tribunal’s right to rule in this
attacking international arbitration, Ecuador looks
case given that Ecuador says that the BIT is being
like an even riskier foreign investment bet. The
applied retroactively here. It also said that the
Chevron case and that of Occidental Petroleum
tribunal’s decision isn’t final, and hearings are to
in particular loom as a warning to oil companies.
resume in January.
Correa will at some moment in the medium term
attorney
general’s
office
reiterated
orders
the
administration
to
pay,
Correa’s latest antics meanwhile seek to
have to decide whether to pay an expensive
undermine the legitimacy of the tribunal. His
arbitration bill, risking domestic capital, or further
strategy of pressuring courts in the streets,
financial isolation. Of course, China has secured
succinctly described by Mera on Youtube, may
other ways of making sure Ecuador always pays
work domestically, and restore some of the
its debts.
environmental credentials he lost a month ago
Meanwhile, the oil continues to stink and
when he announced he will develop the
fester in dozens of old oil sites strewn across
Ishpingo-Tambococha-Tiputini –ITT- oilfied inside
Ecuador’s northeast. Their cost will continue to
the Amazon Yasuní National Park. But it will also
be carried by local residents until a responsible
remind citizens of the risks of oil production, just
government decides to resettle the people and
weeks after a major rupture to Petroecuador’s
clean up the land and waterways. Petroecuador
SOTE pipeline.
has estimated that cost at $70 million.
Outside Ecuador, the strategy will certainly fail. For the plaintiffs, one lawyer describes the
Running on Empty
ruling as the “end of the $19 billion dream.” Some
foreign
newswires
duly
reported
his
outburst, but without the passion Correa had hoped. Several correspondents failed to bother to take the trip. Chevron shares have gained this week. And, while seeking to distance himself from the suit for several years, Correa now appears to have tied his own prestige to the outcome of the suit, which will fail. He could yet pull his head out of the sling however. UNCITRAL will almost certainly order Ecuador to cancel the suit against Chevron. That would imply an action
If everything goes according to plan, a test of foreign direct investment interest will go ahead by the end of this year, when the first of several new superhighway projects is scheduled for an international tender. Little has been made public so far, as the projects have been announced, but whose details are buried in Excel charts that reporters feel they have to beat out of the Public Works ministry with a stick. If successful, the plans will mark an important departure from the aggressive
but
somewhat
haphazard
construction policies of the past six years.
road
First up, the China Road and Bridge Corp. is
the
first
road
offered
to
private
investors.
slated to begin construction of the Santo
Budgeted at $806 million for the whole, 27-year
Domingo-Quevedo
107-
concession period, the public works ministry has
kilometer distance in the Pacific lowlands. The
set a November 15 deadline for bids. It wants
cost per kilometer will total approximately $5
construction to start in March 2014. A well-run
million, with the full tab running at $531 million,
highway concession plan would offer a major
and completion scheduled for the end of 2017.
opportunity to improve foreign direct investment
While other parts of the road are still in planning,
with little of the resistance mining and oil projects
the government wants to have Santo Domingo
can face.
superhighway,
a
connected with Huaquillas on the border with Peru by the end of 2017. President
Correa
has
made
clear
that
Ecuador doesn’t have the funds to pay for the ambitious construction plans solely out of its own pockets. In the past, the government, ostensibly to
accelerate
construction,
decreed
“emergencies” to fund highways without public tenders. Road construction has gone ahead at an
accelerated
pace,
but
often
with
an
apparent disregard for planning. As a result, multi-lane roads often suddenly narrow to single lanes, particularly near bridges. Any gains in speed quickly disappear. Ecuador obviously still needs vast improvements in roads to overcome connectivity
problems
of
its
fractured
geography. Andean cities including Quito risk becoming cut off periodically from the coast during rainy periods as mud and rockslides cover roads. This also affects the ability of goods to cross the Andes from the Amazon region. The obvious solution to financial and technical limits
has
long
been
to
permit
private
concessions. Happily, unlike some countries, resistance to toll roads looks limited. Better late than never, the government is currently rolling out its concessions model, for which few details are available. It has picked the Santo Domingo – Esmeraldas route, a distance of 178 kilometers, as
Una producción de:
Una producción de HJ BECDACH. Presidente Ejecutivo: Hassan Becdach M. Dirección de arte, diseño y diagramación: Paulina Enríquez M. Publicidad y ventas: Elizabeth Lema - ferias@hjbecdach.com / 0998577288. Todos los artículos expuestos en la publicación tienen su respectiva fuente, así como las fotografías e infografías. www.hjbecdach.com