Ecuador invites bids from Indian oil Cos for 2 mln barrels crude

New Delhi, July 18 (UNI) Ecuador today invited Indian state-owned oil companies to bid for the sale of its two million barrels of crude oil per month.

''We appeal to the state-owned oil companies of India to bid for the rights to sell the two million barrels of crude oil from Ecuador for the next six months,'' visiting Ecuador Minister for External Affairs Francisco Carrion Mena told reporters here.

''This contract offer would be for six months only, because we will be going for fresh elections after this period,'' he said, adding that the extension of the contract would depend on the discretion of the new government.

The government wanted to sell its crude oil in the open world market, because Ecuador did not have storage system for its oil production, he added.

''We are open to the world and will sell our crude to anybody, who pay the best price. But we are keen on state-owned companies '' the Minister said.

Eucador government has secured full legal rights over the on shore oil field (Block No 15), earlier being operated by the Oxidental Petroleum Company. The company had violated it's agreement with the government.

The Minister said the Ecuador goverment would offer stakes in ITT oil fields for exploration to the oil companies.

The government of Ecuador is also planing to bring out another state-owned oil company parallel to the existing PetroEcuador to take charge of selling of crude oil.

ONGC Videsh Ltd had shown interest in entering Ecuador for oil exploration and production.

UNI VJ RA HT1948