Petroecuador Posts US$3.2bn Profits in 2006

Ecuador's state oil company Petroecuador made profits of US$3.22bn in 2006, the company said in a statement, without providing comparative statistics.

The most significant contribution to the company's bottom line was crude and derivative exports plus domestic fuel sales, which totaled US$7.11bn.

Of the total, US$3.7bn corresponded to exports, while US$2.3bn related to sales to the domestic market. The difference represents revenue from oil pipeline services and the minor sales of crude to the domestic market.

The company posted overall revenue in 2005 of US$2.3bn. The increase in 2006 revenue could be attributed to higher oil prices and the expropriation of US oil company Occidental's (NYSE: OXY) block 15 contract in May 2006.

Operational costs totaled US$3.79bn in the year.

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