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OCP ECUADOR INNOVATES WITH THE TRANSPORT OF

SEGREGATED CRUDE OIL

Issue No. 2 – August 2017

Issue No. 2 – August 2017ENGLISH VERSION

Issue No. 2 – August 2017

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LETTER FROM THE CEO

ECUADOR A LA VISTA

Dear readers,

OCP Ecuador is pleased to present this new issue of “Ecuador a la Vista” with which we seek to provide important information about the Colombian crude oil transport operation, as well as relevant domestic news that will help you better understand the current situation in Ecuador.

In this issue, we address the milestone achieved in the context of Regional Hydrocarbon Integration: the segregation of (27.5 API) medium crude oil for the first time in our pipeline. Despite the technical challenges we faced given that our transport system had been designed for transporting heavy crude oil, and the various difficulties our technical team had to resolve, the first test, as well as subsequent hurdles were successfully overcome. We can thus officially announce that OCP Ecuador is performing and providing crude oil segregation services —solely with tank trucks at the moment.

Since 2013, more than 11 million Colombian barrels have been transported through our oil pipeline, which speaks to the effectiveness of the route through Ecuador. A growing number of companies have shown interest in using this option as a result of its

obvious benefits in terms of costs.

In addition, by aligning this operation with our sustainability policies, we have been able to carry out social work in the city of Lago agrio thanks to the contribution of companies using the OCP. See the news article about the construction of Avenida Jorge Aguilera in Lago Agrio, which is used by tank trucks for this operation.

Lastly, we provide national perspectives as regards hydrocarbon production, economic performance and projections, as well as a quick look at the national political scene.

Our high quality standards focused on providing solutions to our clients’ requirements has led our organization to undertake these challenges and innovate. We hope that this is merely the start of a long business relationship with neighboring Colombia and its producers.

Sincerely,

Andrés Mendizábal CEO OCP Ecuador

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OCP ECUADOR INNOVATES BY TRANSPORTING SEGREGATED CRUDE OIL (27.5 API)

By Alonso Colina, Business Expert, and Wagner Carrera, Superintendent of Oil Transport

The transport of segregated medium crude oil through the Heavy Crude Oil Pipeline (Oleoductos de Crudos

Pesados – OCP) has become a reality. The first export of approximately 420 thousand barrels of 27.5 API segregated crude oil through the

pipeline, on the M/T Pichincha, bound for La Pampilla, Peru, took place

on June 11, 2017. This was the first time that OCP received, transported

and delivered crude oil with these characteristics.

Issue No. 2 – August 2017

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This initiative falls within the framework of the Binational Agreement signed by Ecuador and Colombia intended to best

use both countries’ infrastructures, and generate mutual benefits.

What is the Regional Hydrocarbon Integration?The project of transporting Colombian crude oil through Ecuador was made official with the Binational Agreement between Colombia and Ecuador for the promotion and easy transport of hydrocarbons, signed on February 2013. Under this Agreement, transporting and exporting hydrocarbons from both countries has become possible by means of a duly regulated customs operation.

As a result of this Agreement, the interconnection through pipelines has been enabled. This connection is only available for emergencies, i.e., when the transport infrastructure of either country is unavailable.

Subsequently, the foresight and initiative to design a new route for the transport of crude oil through the OCP, using the binational unloading facilities, was the result of the needs of one of the producers in Putumayo. Tank trucks are used to transport the crude oil up to the OCP Amazonas station in Lago Agrio. This system has made it possible for OCP Ecuador to attract part of the crude oil located in the South Western area of Colombia.

This was all possible thanks to the significant and joint participation of governmental organizations from both countries, so that producers in Putumayo could transport their crude oil through Ecuador.

From 2013 to date, more than 11 million barrels have been transported through these two systems and 11 agreements signed with Colombian corporations are still effective. However, the market has even more potential for the development of new opportunities.

COLOMBIA-ECUADOR INTERCONNECTION

5

MILESTONES OF THE REGIONAL HYDROCARBON INTEGRATION

2013

The Binational Agreement for the Mutual Support as regards Hydrocarbons was signed on February 11 by the Governments of Ecuador and Colombia.

On November 21, OCP Ecuador loaded the first vessel with more than 260 thousand barrels of Colombian crude oil.

On November 5, OCP Ecuador received the first barrel of crude oil from Colombia as a result of the Binational Agreement and the regulations developed for its implementation. The oil pipeline system includes the OSO (San Miguel-Orito Pipeline, owned by CENIT) and the OSLA in Ecuador (San Miguel – Lago Agrio Pipeline, owned by EP Petroecuador).

2015In November, the delivery of 5 million barrels from Colombia was accomplished.

During the first quarter of 2015, the sub-fluvial crossing under the San Miguel river was built. This permitted the transport of crude oil from Orito, in Colombia, up to the OCP Amazonas Station in Ecuador, through the OSO-OSLA (Orito-San Miguel-Lago Agrio) pipelines.

2014 On September 9, the first binational unloading site at the Amazonas Station was opened. The initial capacity of the unloading site was 12 thousand barrels per day.

2016The crude oil segregation project kicked off with the design of infrastructure for reception, and a feasibility analysis for the reception of 28 API crude oil was conducted.

In December, the transport of the first 10 million barrels of Colombian crude oil through Ecuador using the OCP was accomplished.

2017In February, the reception of 27.5 API crude oil and its segretation in tanks started at the Amazonas Station.

On July 11, 27.5 API segregated crude oil was loaded for the first time onto a vessel.

10MM

5MM

SEGREGATED CRUDE OIL

COLOMBIAN CRUDE OIL

Issue No. 2 – August 2017

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Segregation is the transport of light and heavy crude oil separately to preserve the quality of each crude oil. This posed a greater challenge for OCP Ecuador as its system had been designed for transporting 18 API crude oil.

This operation resulted from the need to implement a corporate strategy to generate value for clients, particularly in times of low crude oil prices. Currently, the segregated crude oil transport system has capacity to receive 24 thousand barrels per day at the

OCP Amazonas Station, in Lago Agrio, and two dedicated tanks, a 300 thousand-barrel capacity tank at the Amazonas Station and another 700 thousand-barrel capacity tank at the Maritime Terminal in Esmeraldas.

OCP Ecuador’s vision states that the company’s efforts will focus on developing profitable and innovative business opportunities. This statement entails a constant search for new business deals advantageous for both the corporation and the country.

To adapt its operation to provide this service, OCP Ecuador has made several modifications to its operating parameters thus allowing it to transport crude oil having a viscosity of 500 and 15 cSt with the same pipeline. The challenges lay in not only receiving this crude oil, but also transporting and exporting it while preserving the original features delivered by the client and minimizing the contamination percentage during transport (under 10 %).

Adjusting the heavy crude oil transport system to transport light crude oils called for the proactive participation of technical personnel entrusted with system operation and maintenance. This process, led by the Engineering Department, began with the analysis of associated risks, the identification of requisite alterations to the infrastructure and the implementation of new procedures and operating parameters.

The light crude oil yields greater value in the refining process, which explains its higher market price. The Putumayo Department production yields approximately 40 thousand barrels of crude oil, ranging between 18 and 30 API, per day. At the beginning, any crude oil received by OCP Ecuador was mixed as (19 API) NAPO crude oil. This limited market opportunities for the transport of crude oil through Ecuador, because the value of the crude oil was diminished when mixing light crude oil with its heavier counterpart.

This situation prompted OCP Ecuador to develop a project to segregate lighter crude oils that were available in the Putumayo. This project’s appeal lies in that the difference between selling Napo quality crude oil and the segregated Colombian crude oil, could amount to over 5 dollars per exported barrel, depending on market differentials.

What is crude oil segregation at the OCP?

Reception, transport and delivery of segregated crude oil by the OCP

How is crude oil segregation beneficial?

The difference between selling Napo quality crude

oil and the segregated Colombian crude oil, could amount to over

5 dollars per exported barrel, depending on market differentials.

Cayagama Station

PS2

Chiquilpe StationPRS1

Puerto Quito Station

PRS2

LOADING OF VESSEL

OCP Marine TerminalMT

OFFSHORE

PACIFICOCEAN

ONSHORE

ABS VALVE

ABS

Paramo StationPS4

PS3Sardinas Station

UNLOADING BAYSCapacity: 24000 BPD

OCP ECUADORUNLOADING BAY

Measurement SKID

UNLOADINGSYSTEM

Supply pipelines 3. UNLOADING SYSTEMThe unloading bays have a measurement skid to monitor the quantity and quality of the crude oil received.

4. STORAGEThe crude oil that is received is stored in a dedicated tank until the tank is full enough for the oil to be pumped through the oil pipeline.

2. UNLOADING BAYSEach unloading bay has a reception capacity of up to 6000 barrels per day. There are 4 bays. The crude oil

carried in the tank trucks is extracted by means of an automated system.

1. TRANSPORT BY TANK TRUCKSAn unloading bay system built at the OCP Amazonas Terminal allows crude oil from the south of Colombia to be received by tank trucks.

OCPOCP

COLOMBIACOLOMBIA

ECUADORECUADOR

184 km4-6 hours

San Miguel Bridge

OCP EcuadorUnloading site

Amazonas Terminal

1

Pumping Station - PS1Amazonas Terminal

2

6

SEGREGATED CRUDE OIL LINE :: 350 meters

HEAVYCRUDE OIL

HEAVYCRUDE OILSEGREGATED CRUDE OIL

5. TRANSPORT OF SEGREGATED CRUDE OILThe segregated crude oil is transported through the oil pipeline.

6. STORAGE AND LOADINGOnce the segregated crude oil reaches the Maritime Terminal, it is stored in a 750-thousand-barrel capacity tank until it is delivered and loaded onto the vessels.

OCP

300K BBLSTANK

PIG PIG750K BBLS

TANK

4 5

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HOW DOES THE OPERATION OF CRUDE OIL SEGREGATION WORK?

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Hydraulic conditions expected at the oil pipeline were evaluated with the help of a hydraulic simulator, which permitted changes in the control logic and software protections in the SCADA system to be made. Finally, the personnel of the oil pipeline transport and ship loading operations received training in batch oil transport techniques.

Cayagama Station

PS2

Chiquilpe StationPRS1

Puerto Quito Station

PRS2

LOADING OF VESSEL

OCP Marine TerminalMT

OFFSHORE

PACIFICOCEAN

ONSHORE

ABS VALVE

ABS

Paramo StationPS4

PS3Sardinas Station

UNLOADING BAYSCapacity: 24000 BPD

OCP ECUADORUNLOADING BAY

Measurement SKID

UNLOADINGSYSTEM

Supply pipelines 3. UNLOADING SYSTEMThe unloading bays have a measurement skid to monitor the quantity and quality of the crude oil received.

4. STORAGEThe crude oil that is received is stored in a dedicated tank until the tank is full enough for the oil to be pumped through the oil pipeline.

2. UNLOADING BAYSEach unloading bay has a reception capacity of up to 6000 barrels per day. There are 4 bays. The crude oil

carried in the tank trucks is extracted by means of an automated system.

1. TRANSPORT BY TANK TRUCKSAn unloading bay system built at the OCP Amazonas Terminal allows crude oil from the south of Colombia to be received by tank trucks.

OCPOCP

COLOMBIACOLOMBIA

ECUADORECUADOR

184 km4-6 hours

San Miguel Bridge

OCP EcuadorUnloading site

Amazonas Terminal

1

Pumping Station - PS1Amazonas Terminal

2

6

SEGREGATED CRUDE OIL LINE :: 350 meters

HEAVYCRUDE OIL

HEAVYCRUDE OILSEGREGATED CRUDE OIL

5. TRANSPORT OF SEGREGATED CRUDE OILThe segregated crude oil is transported through the oil pipeline.

6. STORAGE AND LOADINGOnce the segregated crude oil reaches the Maritime Terminal, it is stored in a 750-thousand-barrel capacity tank until it is delivered and loaded onto the vessels.

OCP

300K BBLSTANK

PIG PIG750K BBLS

TANK

4 5

3

HOW DOES THE OPERATION OF CRUDE OIL SEGREGATION WORK?

Issue No. 2 – August 2017

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How is loading of the segregated crude oil performed?

1. STORED SEGREGATED CRUDE OILThe segregated crude oil that had arrived at the Maritime Terminal a few days before is stored exclusively in the TK-1003 tank.

2. DUCT PACKINGIn order to lock the load into the vessel prior to loading segregated crude oil, one of the marine pipelines, and the marine and floating hoses containing medium crude oil must be displaced and packed.

A (PIG) separator will not be used, but a “product displacement interface” will be put in place. This interface is a segment where medium or light crude oil is mixed with the heavy crude oil (approximately 10 thousand barrels at the head and 5 thousand barrels at the tail).

OCP Marine Terminal

MTPACIFICOCEAN

LOADING LOCKINTERFACE

MEDIUM / LIGHTCRUDE OIL

SEGREGATED CRUDE OIL

PIG PIG

SEA LEVEL = 0 m a.s.l.

SEA BED = 32 m b.s.l.

42 m a.s.l.

2

Before the shipment

Valve for supplyby buoy

FCVFlow control valve

PRODUCT TRANSPORTINTERFACE

HEAVYCRUDE OIL

TK 1003205m a.s.l.

1

VALVESThere are several flow control valves along the pipeline that are monitored and activated from land.

LOADING CAPACITYOCP’s maximum capacity for loading vessel is 325,000 DWT, and its maximum supply capacity in a single load is 2 million barrels.

STORAGE CAPACITYWe have a maximum storage capacity of 720,000 barrels of segregated crude oil (TK-1003).

BOYA

3

SMAC

ø36” (segregated crude oil)

4. LOADING THE VESSELOnce the hoses are connected, the onboard tank valves and the vessel valve manifold are opened by hand. The buoy valves and the flow control valves are operated from the control room inland to start the loading procedure.

3. DIVERSDivers inspect the marine platform valves, and the marine and the floating hoses. Additionally, they participate in hose mooring and withdrawing operations as the vessel approaches.

5. BUOYS – SMACA SMAC sensor is installed in the loading buoy to measure the density of the crude oil flowing in.

Segregated crude oilloading to a vessel

54

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This added value, as well as OCP Ecuador’s ongoing commitment to perform a safe and efficient operation is a strategic alternative for the transport and export of oil produced by companies operating in the southern area of Colombia. This has motivated OCP Ecuador to double its efforts to maintain the level of operations integrity achieved over the 13+ years of operation of its system,and to continue incorporating key players to enhance value generation in the Ecuadorian hydrocarbon industry.

THE FUTURE OF THE SEGREGATION OPERATION:

Unloading facilities for tank trucks and the loading site for segregated crude oil for the M/T Pichincha

Issue No. 2 – August 2017

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THE TRANSPORT OF COLOMBIAN CRUDE OIL BY Tank trucks RESULTS IN CIVIL WORKS FOR LAGO AGRIO

AS A RESULT OF THE CONTRACTS SIGNED FOR THE TRANSPORT OF CRUDE OIL BY Tank trucks BETWEEN OCP ECUADOR AND THE PRODUCERS OF SOUTH COLOMBIA, IT WAS AGREED THAT A PERCENTAGE OF THE PRICE SHOULD BE ALLOCATED TO SOCIALLY RESPONSIBLE WORKS WITHIN THE AREA OF INFLUENCE.

The first construction work carried out with these funds was the construction of the Jorge Aguilera road, which was delivered to

the city of Nueva Loja, Canton Lago Agrio, last July.

The first phase of this road was built north-east of Canton Lago Agrio, along the stretch from Ave. Colombia to the Laguna road, which is 3.1 km long. The works entailed ground moving and developing two lanes. The investment amounted to over US$ 470,000.

The workforce used for this construction project was mainly local, thus generating job opportunities for the inhabitants of the area of influence.

The second phase is projected to take place over the next months.

It will consist in laying the sub-base asphalting both lanes, placing horizontal signage and putting in curbs along the section built during the first phase(3.1km).

For Vinicio Vega, the Mayor of Lago Agrio, “this project has strengthened the bonds not only between the Municipality and private companies, as well as with with the Canton residents who will enjoy the civil works performed to improve our city.”

The Regional Hydrocarbon Integration is beneficial not only for both countries and their borders as a result of the business exchange generated, but also because it generates civil works for the neighboring communities.

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Issue No. 2 – August 2017

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MINISTER ANNOUNCES THAT CONTRACTS WITH PRIVATE OIL COMPANIES WILL BE CHANGED TO PARTICIPATION CONTRACTS

THE OUTSTANDING DEBT TO SCHLUMBERGER HAS BEEN RESTRUCTURED

The Minister of Hydrocarbons, Carlos Pérez, announced that current contracts with oil companies that have allowed the State

to run up outstanding debt amounting to approximately US$ 2,000 million will be revised. The oil sector contractual modalities used before Rafael Correa’s Administration will be reinstated to attract new investments. The new Minister and private companies of the oil industry are holding negotiations. http://bit.ly/2fT6an7 The rates for contracts of Petroamazonas EP in the Shushufindi and Libertador fields were changed after an agreement was reached between the state-owned oil company and the consortia. For Shushufindi, the rate was lowered from US$29.85 to US$19.50 per barrel. In Libertador, the applicable rate was lowered from US$38.54 to US$25.50 per barrel, adjusted to the WTI price.

Since August 1st, the Ecuadorian Administration has restructured its outstandingdebt owed to the French company Schlumberger,

which amounted to US$ 850 million. The agreement with this company was reached after bilateral negotiation between this company and Petroamazonas. These obligations will be met by means of different short-term and long-term payment methods. The agreement for the renegotiation of this debt has therefore been completed . http://bit.ly/2uOM3f7

This oilfield is operated by Petroamazonas EP in the Ecuadorian Amazonian Region

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PETROAMAZONAS EP HAS CALLED FOR AN OIL BIDDING ROUND FOR SMALLER

OILFIELDS FROM JUNE 27-30

THE CENTRAL BANK HAS REVISED THE 2017 GROWTH FORECAST DOWNWARDS; THE RECESSION WILL CONTINUE, SAYS THE IMF

The state-owned company is seeking strategic partners for 15 oilfields located in the Amazon region. This region’s

current production is under 5,000 barrels of oil per day (bpd). Through investment, Petroamazonas EP seeks to increase these fields’ productivity (139.2 million barrels in reserves). http://bit.ly/2vQu9Hs

The Central Bank has revised its forecast for 2017 GDP growth downwards,from 14%

to 0.7%, in its budget assumptions for 2017. In July, the IMF noted that Ecuador’s GDP will continue to fall: by -1.6% in 2017 (it had originally stated -2.7%) and by -0.3% in 2018. http://bit.ly/2uZvsme

The National Assembly is analyzing the 2017 Budget assumptions submitted for US$ 36,818 million, 2.3% higher than in 2016. http://bit.ly/2whJvYV

Forecasts for Latin America published on August 3 by the Economic Commission for Latin America and the Caribbean (CEPAL by its acronym in Spanish)show that Latin America and the Caribbean will grow 1.1% in 2017. Ecuador is expected to grow by 0.7%; Brasil, 0.4%; Argentina, 2% and Venezuela, -7.2%. The World Bank revealed that its estimate of the average GDP growth for Latin America for 2017 is 1.5% and 2.5% for 2018, but Ecuador’s growth will be below the average for both those years: 0.6% for 2017, and 0.7% for 2018.

6,4%

0,6%

3,5%

7,9%

5,6% 4,9%4,0%

0,2%

-1,5%

0,7%

-2,2%

-1,6%

-2,3%

0,6%

2008 2009 2010 2011 2012 2013 2014 2015 2016 *2017

BCE (Jul-17) IMF (Jul-17) Cepal (Jul-17)

Issue No. 2 – August 2017

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JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY

PRICES

CPI (1) 105,29 105,12 105,28 105,20 105,04 105,21 105,30 105,51 105,66 106,12 106,17 105,55 105,40Annual inflation 1,58% 1,42% 1,30% 1,31% 1,05% 1,12% 0,90% 0,96% 0,96% 1,09% 1,10% 0,16% 0,10%Monthly inflation -0,09% -0,16% 0,15% -0,08% -0,15% 0,16% 0,09% 0,20% 0,14% 0,43% 0,05% -0,58% -0,14%Accumulated inflation 1,20% 1,04% 1,19% 1,11% 0,96% 1,12% 0,09% 0,29% 0,42% 0,86% 0,91% 0,32% 0,18%PPI (national availability, Basis: 2015=100) (2) 101,98 102,27 103,30 102,70 102,21 102,19 103,04 102,39 101,28 101,41 100,83 100,82 100,64

EXCHANGE RATE

Real exchange rate (Base: 2007=100) 90,33 91,84 92,44 93,16 92,44 92,63 94,33 96,26 97,02 98,39 99,23 101,00 102,36Euro (Dollars per Euro) 1,11 1,11 1,12 1,09 1,06 1,05 1,08 1,06 1,07 1,09 1,12 1,14 1,17Colombian Peso (Peso per Dollar) 3.095,98 2.934,27 2.875,22 2.964,72 3.165 2.997 2.938 2.882 2.878 2.945 2.919 3.036 3.000

STOCK MARKET MOVEMENT

Ecuindex 1.033,55 1.036,57 1.031,43 1.035,84 1.033,60 1.033,64 1.079,86 1.081,81 1.122,06 1.180,30 1.129,14 1.154,29 1.154,25Ecuindex Accumulated Yield -9,57% -9,30% -9,75% -9,37% -9,56% -9,56% 4,47% 4,66% 8,55% 14,19% 9,24% 11,67% 11,67%

SALARIES

Nominal salary 366,00 732,00 366,00 366,00 366 731 375 375 375 375 375 375 375Real salary 347,59 696,33 347,63 347,92 348 695 356 355 355 353 353 355 356Basic basket 688,21 689,10 691,38 691,88 693 701 702 709 709 706 709 707 709

MONETARY AGGREGATES*

International reserves (IR) (3) 4.295,86 4.166,72 4.472,93 4.274,63 3.907 4.259 4.889 4.774 3.810 3.236 2.790 4.467 4.261Bank reserves 4.709,34 4.771,83 4.878,66 5.152,55 5.069 6.044 5.336 5.419 5.627 5.254 4.481 4.922 4.696

FINANCIAL SYSTEM (4)*

Quasi money 21.371,14 22.072,88 22.462,91 22.812,65 22.861 23.553 23.345 23.787 24.043 24.468 24.397 24.762 24.644On call deposits 10.185,79 10.526,19 10.575,05 10.711,36 11.086 11.405 11.711 11.677 12.306 11.963 11.984 12.086 11.685Credit for the private sector 28.221,89 28.756,18 28.782,33 29.349,24 29.620 29.910 30.064 30.300 30.486 31.211 31.612 31.719 32.001

REFERENCE INTEREST RATES

Central Bank basic rate 0,20% 0,20% 0,20% 0,20% 0,20% 0,20% 0,20% 0,20% 0,20% 0,20% 0,20% 0,20% 0,20%Reference borrowing rate 6,01% 5,91% 5,78% 5,75% 5,51% 5,12% 5,00% 5,07% 4,98% 4,81% 4,82% 4,80% 4,84%Reference lending rate 8,67% 8,21% 8,78% 8,71% 8,38% 8,10% 8,02% 8,25% 8,14% 8,13% 7,37% 7,72% 8,15%Financial margin 2,66% 2,30% 3,00% 2,96% 2,87% 2,98% 3,02% 3,18% 3,16% 3,32% 2,55% 2,92% 3,31%Legal rate 8,67% 8,21% 8,78% 8,71% 8,38% 8,10% 8,02% 8,25% 8,14% 8,13% 7,37% 7,72% 8,15%

2016 2017

ECUADOR FIGURES

THE IMPORTANT WORK OF MINISTERS, BUSINESSMEN AND PERSONALITIES FROM THE FORMER ADMINISTRATION IN THE GOVERNMENT CABINETThe Government Cabinet, with its 28 entities, including Ministries and Secretariats, has

given preference to personalities from the business field for Ministries in the productive sector. Pablo Campana in Foreign Commerce is promoting a business agreement with the United States; Carlos Pérez, a Halliburton businessman, at the head of the Ministry of Hydrocarbons, is reorganizing the oil sector by bilaterally revising contracts and fulfilling obligations in arrears. Miguel Carvajal, a Minister from Correa’s Administration, is the Minister of Defense, and is facilitating relations with the Armed Forces. The influence of authorities from Correa’s movement is still strong as regards Finance.

logo Ministry MinisterMinistros del sector productivo

Ministry of Foreign Commerce Pablo Campana

Ministry of Hydrocarbons Carlos Pérez García

Ministry of Industriesand Productivity Eva García Fabre

Ministry of Tourism Enrique Ponce de León

Ministry of Telecommunications Guillermo León

Ministry of Agricultureand Livestock Vanessa Cordero

Ministry of Labor Raúl Ledesma (CDN)

Prior Government OfficialsMinistry of Acquacultureand Fishing Ana Drouet

Ministry of Defense Miguel Carvajal

Ministry of Economyand Finances Carlos de la Torre

Ministry of Electricityand Renewable Energy Medardo Cadena

Ministry of Foreign Affairs Fernanda Espinosa

Ministry of Justice Roxana Alvarado

Ministry of Internal Affairs César Navas

14Other 14 institutions includingMinistries and Secretariats

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Latin America and the Caribbean received 8% less of foreign investment than in 2016http://bit.ly/2vqnRhN

Assessment of the hydrocarbon sector in Ecuadorhttp://bit.ly/2fNkDRw

The national Government works on a capital repatriation projecthttp://bit.ly/2x4xX7F

Updated economic indicatorshttp://bit.ly/29RKYG2

Content and general edition: Comunicación OCP EcuadorEconomic content: Economist María de la Paz Vela Z. Multiplica Consultora – www.revistagestion.ecIn this issue:Wagner Carrera, OCP Ecuador Superintendent of Crude Oil TransportAlonso Colina, Business Expert

Comments & suggestions: comunicacion@ocp-ec.com

www.ocpecuador.com

MISSIONTo contribute to the development of the nation through a crude oil transport operation that is reliable, safe, efficient and committed to the environment.

VISIÓNTo work with commitment, creativity and enthusiasm:

• To be the preferred option for crude oil transport, by maintaining our standards of quality services.

• To develop new business opportunities that are both profitable and successful.

• To promote the development of our collaborators in an environment of professional growth and learning.

Relevant linksCORPORATE APPROACH

“This bulletin may be resent to other users; but the reproduction of any part hereof without written permission of OCP Ecuador is forbidden. It should not be considered an official source.”

ENGLISH VERSION

Issue No. 2 – August 2017

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Where OCP goes, good things happen