Exclusive: Ecuador reaches pre-agreement with Thailand's PTT to renegotiate oil-for-loan deal

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Exclusive: Ecuador reaches pre-agreement with Thailand's PTT to renegotiate oil-for-loan deal

FILE PHOTO: A view of a PTT Pcl energy firm logo is seen at the firm's commercial EV (Electric Vehicle) charging station, in Bangkok, Thailand August 15, 2016. REUTERS/Jorge Silva

(Reuters) - Ecuador has reached a preliminary agreement with a unit of Thailand's state-run PTT PCL to extend to 2024 the payment period of an oil-for-loan agreement that was originally planned to be fully paid through 2022, the South American country's energy minister, Rene Ortiz, said on Thursday.

Ecuador was expected to deliver up to 85 million barrels this year to PTT and PetroChina to amortize loans extended by the companies to the nation over the last decade.

The renegotiation with PTT is not expected to imply an adjustment of the interest rate. If signed this year, PTT and PetroChina would jointly receive up to 77 million barrels of Ecuadorian crude per year through 2024, Ortiz said.

(Reporting by Marianna Parraga in Mexico City; Editing by Luc Cohen and Matthew Lewis)

-- © Copyright Reuters 2021-03-12

 

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