Between 10,000 MM - 14,000 MM USD

Financial Indicators

  • IRR: Range between 9.27% - 13.08%
  • Recovery Time: 8 - 9 years
Note: IRR project does not consider debt.

Management Model

  • Concession by refining services agreement through a public tender
  • The State supplies the crude oil and receives refined products under technical specifications (Euro-V)
  • The investor builds, operates and maintains the refinery for a 25-year period of operation, after which the refinery is transferred to the State without cost

Payment modality

The State will pay the investor a rate per barrel for the refining service to recover investments in construction, operation, maintenance costs with a reasonable profitability.

Benefits for the Investor

  • Income tax exemption for the first 10 years of operation; a 5% reduction in income tax for the next 5 years
  • Exemption to the currency outflow tax on the importation of goods, acquisition of services, funding, dividends or profits, payments for acquisition of shares, rights or participations
  • Exemption on customs rights and VAT on imported goods
  • Through the signing of an Investment Agreement between the State and the Investor, stability is acquired pertaining the following: incentives, taxation and enabling conditions of the service agreement


Reduce the level of imports of oil derivatives in Ecuador; supply high quality products to the domestic market and export surplus mainly to Latin American markets.

Project Details

  • Refining capacity: 300,000 barrels per day
  • Technology: Deep conversion with the production of less polluting fuels according to worldwide standards (Euro-V)
  • Main products: gasoline, aviation kerosene, diesel, polypropylene, benzene, mixed xylene, petroleum coke and sulfur
  • Investments made: feasibility and basic engineering study, site preparation, access roads, aqueduct and camp

Technical description of the Project

Studies Conducted:

  • Visualization (KBC-USA)
  • Conceptual design (SK E&C-South Korea)
  • Basic Engineering (SK E&C-South Korea)
  • Market Studies and Tuning of the Ecuadorian Refining System (Jacobs-USA)
  • Value engineering (WorleyParsons -USA)
  • Economic studies (Ga ney&Cline-USA)
  • Environmental Impact Studies
  • Pipelines, Polyducts and Terminals. EP PETROECUADOR (Beicip Franlab-France)
  • Electricity supply. CELEC EP
  • Feasibility update 2016 (WP-USA/GCA-USA & LAZARD-France)


  • The project is designed to cover fuel demand in Ecuador. The average sales percentage to the domestic market is 70%
  • Latin America is a net fuel importer; the potential markets are Chile, Colombia, Argentina, Brazil & México. Average exportation percentage is 30%

Regulatory Framework

  • Hydrocarbons Law
  • Organic Code of Production, Trade and Investments


  • Province: Manabí
  • Canton: Manta
  • Sector: El Aromo