Journal Oil - Mineral Nº 257

Boletín 257 · 27 de septiembre - 2 de octubre de 2013

Quito - Ecuador

artesjournal@hjbecdach.com

Multitudinaria concurrencia en el segundo día de la XIV Ecuador Oil&Power 2013

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

Multitudinaria concurrencia en el segundo día de la XIV Ecuador Oil&Power 2013 Publicación: 26 de septiembre de 2013

PRECIOS DE LOS PRINCIPALES MINERALES DEL MERCADO COBRE

ORO

PLATA

ESTAÑO

ALUMINIO

MOLIBDENO Fuente: www.cochilco.cl

E

l día de ayer, segundo día de la feria petrolera, se realizó entre miles de visitantes y conferencias magistrales con extraordinarias ponencias.

El Almuerzo Conferencia estuvo a cargo de la empresa Sertecpet, con el tema: Ingeniería y Construcciones SERTECPET para proyectos del Sector Energético, a cargo del Sr. Marcelo

2

Lamiño, Gerente de Proyectos Zona Norte. La conferencia continúo con la intervención del Sr. Jaime Brito, Vicepresidente de Desarrollo de Negocios en Argus Media, Housto, EEUU., con el tema: Zonas especiales para el desarrollo económico, petroquímica y logística Hidrocarburífera en el Ecuador. Se concluyó con la intervención del Sr. Enrique Chacón, representante del Ministerio de Recursos Natura-

les No Renovables, que presentó un video comunicacional de las funciones y proyectos del Ministerio.

Por la tarde se llevó a cabo el segundo panel de debate, con el tema de Energías Renovables. Expusieron: David Neira, representante de Petroamazonas EP, Máximo Martin Jiménez, Socio Firma Garrigues, España, especialista en temas de medioambiente y

energías renovables, Wladimir Tene, representante de la vicepresidencia de la Asamblea Nacional del Ecuador. Este panel estuvo moderado y analizado por los expertos petroleros: Galo Terán, Ernesto Grijalva y Kurt Freund.

6D, API 598 y END bajo la disertación de Raúl Méndez, Director Técnico Valvospain América, y Tecnologías para el control de erosión y revegetación en base a hidrosiembra, con el expositor Paúl González, Gerente Técnico Empresa Ideambiente.

Las conferencias técnicas se realizaron con mucha concurrencia. Por la noche, se cerró la jornada con la Cena Conferencia de Juan Cevallos, con los temas: el aseguramiento de la calidad en Valvospain: Pruebas API

Hoy finaliza la feria, con el almuerzo conferencia a cargo de Petroamazonas EP, con el tema: Responsabilidad Social y Relaciones Comunitarias, con el expositor José López, y la intervención de Roger Tissot, experto

en política, economía, petróleo, gas, electricidad de Canadá. El panel de debate tiene el tema principal: Seguridad, salud y ambiente, con las intervenciones de Paola Carrera, Gerente de PRAS, Ministerio del Ambiente, Máximo Martin Jiménez, Socio firma Garrigues, España, Marcos Carvajal, ACE Internacional, Iván Guerrero, especialista Seguridad Industrial y Control de Procesos de OCP. La apertura al público es a partir de las 15h00 y el cierre será a las 21h00.

Ecuador Oil & Power en imágenes

3

Petr贸leo artesjounal@hjbecdach.com

Ecuador Oil & Power en im谩genes

4

Ecuador Oil & Power en imรกgenes

5

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