Ecuadorian State Firms to Merge

摘要

The long-awaited merger of Ecuadorian upstream company Petroamazonas and downstream firm Petroecuador has been approved by the country's energy ministry and will take effect in the new year. Petroecuador will absorb Petroamazonas, Ecuador's Ministry of Energy and Non-Renewable Natural Resources said on its website on Aug. 28. The unified company will respect all obligations and contractual commitments signed on to by the two companies prior to the merger. The idea of merging Petroecuador and Petroamazonas has been floating around for some time as a means to reducing redundancies and improving efficiencies.