Ecuador's Minister of Nonrenewable Natural Resources Resigns
QUITO, Ecuador - Wilson Pastor, Ecuador's minister of nonrenewable natural resources, has tendered his resignation to President Rafael Correa and will be replaced by Pedro Merizalde as part of a cabinet reshuffle as Mr. Correa prepares for a third four-year term, senior government officials told Dow Jones Newswires on Wednesday.
The ministry is key for Ecuador's public-policy making, as it sets and supervises policy for the oil and mining sectors.
Mr. Merizalde, a 61-year-old oil engineer, is the current chief executive of the Refineria del Pacifico project, the $10 billion venture of Ecuador's state-run oil company Petroecuador, which holds a 51% stake in the refinery, and Venezuela's state-run oil firm Petroleos de Venezuela, owner of the remaining 49%.
Both Mr. Merizalde and Mr. Pastor declined to comment.
President Correa has said he plans some changes to his cabinet, as part of an effort to deepen his "citizen's revolution" during his third term, which begins on May 24.
Mr. Correa was re-elected on Feb. 17 for a four-year term.
Mr. Pastor took office as nonrenewable natural resources minister in April 2010 and played a key role to change oil contracts for private companies operating in the country, setting fees based on output, instead of granting ownership of the barrels that private companies extract.
In the last months Mr. Pastor has been promoting the 11th oil licensing round, which was launched in November.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally