Derivatives Exports

Ecuador oil exports rose almost a 74 per cent in the first half of 2010 compared to the same period of last year, although that increase is due entirely to the increase in prices, according to the Central Bank. Between January and June, the value of the country’s oil exports amounted to almost $ 4,670,000,000, against 2.68 billion dollars during the first six months of 2009, when international demand fell amid the global recession and the manufacturers of products made from the derivatives of the oil were mired in the crisis. A total of 66.763 metric tons (73.600 tons) of oil were enviadadas outside of Ecuador in the first six months of 2010, a 0.5 per cent compared to the same period of last year. With higher revenues from crude oil export, the value of exports of Ecuador in the oil sector totalled 3.13 billion dollars in the first half of this year, more than 74 percent more than the value of their imports of the oil sector, said the central bank. Between January and June, in Ecuador the imports of petroleum products such as fuels and lubricants were valued at more than 1540 million dollars, compared with 898 million dollars in the same period of 2009. In terms of volume, crude oil represented almost 93 percent of oil exports from Ecuador in the first half of the year. Oil is main export product of Ecuador, and revenues from oil exports financed 25 per cent of public expenditure in this Andean nation. The leftist Government of Ecuador wants to stay with more profit petroleum and for it started negotiations this week with private oil companies to change their current production agreements shared for fee-based services contracts..