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The Ecuadorian Ministry of Energy and Non-renewable Resources (“the Ministry”) recently announced a tender process for the Administration, Operation, Repair, Fuel and Emissions Quality Improvement, and Construction of a High-Conversion Unit, for the State-owned Refinery in Esmeraldas Province.
The estimated total investment for this project is US$2.4 billion and is aimed at refurbishing the Esmeralda’s refinery in order to contribute to meeting the country’s demand for fuel and improve its quality. The agreement will have a 25-year term and will include a dispute resolution clause subject to international arbitration.
Bids are expected to be received and reviewed by December of this year. For more information regarding other stages of the tender process, please refer to the timeline set out below:
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Start Date |
End Date |
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Public tender launch |
September 21, 2020 |
September 22, 2020 |
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Technical visits to refinery |
September 21, 2020 |
October 16, 2020 |
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Inquiries, answers and clarifications |
September 21, 2020 |
October 16, 2020 |
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Term to prepare bids |
September 29, 2020 |
December 21, 2020 |
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Submission of bids |
December 22, 2020 |
December 23, 2020 |
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Evaluation of technical offers |
December 28, 2020 |
January 11, 2021 |
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Appeal phase and decision |
January 12, 2021 |
January 15, 2021 |
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Evaluation of economic offers and reports |
January 18, 2021 |
January 25, 2021 |
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Appeal phase and decision |
January 26, 2021 |
January 29, 2021 |
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Technical Committee final report |
February 01, 2021 |
February 10, 2021 |
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Publication of the award decision |
February 12, 2021 |
February 12, 2021 |
|
Negotiation phase |
February 15, 2021 |
March 05, 2021 |
Interested parties will be able to purchase the tender documents from the Ministry. View the Ministry’s official statement.
Please contact Latin America practice group members Manuel Orillac (Houston-Capital Markets), Christian Rudloff (New York- Project Development & Finance) or Augusto Ruiloba (New York-Project Development & Finance) should you have any queries in connection with this matter.
Ranked as a top-tier law firm in energy and natural resources in Latin America by leading legal directories, Shearman & Sterling continues to be at the forefront of the most complex and innovative transactions in the oil and gas industry. Our Oil and Gas Group lawyers are based throughout our offices and advise on cutting-edge transactions around the world. Across all areas of the industry—from upstream exploration and production to refineries, pipelines, LNG projects, terminals and petrochemicals—we have an established reputation for doing more than identifying legal issues. Shearman & Sterling’s experience in Ecuador includes various significant projects in the natural resources sector, including the financing of the OCP pipeline and the development and financing of the Fruta del Norte mining project.
