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State-run Petroecuador takes steps to lift force majeure on crude exports

Ecuador’s state oil company Petroecuador hopes to be able to lift a declaration of force majeure over crude exports by July 7, following an agreement between the government and indigenous leaders that put an end to over two weeks of protests, a company executive said.

Petroecuador’s manager for international trade, Pablo Noboa, also told Reuters the company will honor a July oil supply contract with U.S. refiner Marathon Petroleum MPC.N while rescheduling pending cargoes to PetroChina 601857.SS and Shell SHEL.L for a total of 1.08 million barrels.

“Wells will be reactivated little by little,” the executive said.

The force majeure, enforced on June 28 only over exports of Oriente crude, is not expected to be extended to shipments of Napo heavy crude, Noboa said.
Source: Reuters (Reporting by Marianna Parraga)

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