Ecuador Oil Refinery

by | Jul 26, 2008 | Archives

Ecuador is to have a new oil refinery at about 20 miles south of Manta. The new refinery will have a capacity to process 300,000 barrels of heavy crude daily. A new company was incorporated last week at a cost of $30 million. The overall project is likely to cost $6 billion with a rising cost to $10 billion to incorporate a petro-chemical complex.

The construction of just the refinery itself will create 10,000 new jobs in Manabi province. This number, of course, would in reality be greatly amplified by all the jobs created in support industries and services.

This is the second mega-project that Manta is about to experience. The first is already underway. Maritime terminals of Ecuador, an affiliate of Hutchinson Port Holdings, will be a crucial transfer port for international cargos on the new trans-Andes/Amazon road/river highway running from Manaus in Brazil to the Pacific coast at Manta in Ecuador. This will allow Brazilian resources to reach China more effectively and serve as a more effective entry port and distribution point for Chinese goods to reach South American customers. This has far reaching implications for Manta. And Ecuador, too. A Manta councilor had this to say “.. Manta had better prepare itself to be at the forefront of a wave of migration, especially from the rest of our province (Manabi).” Another entrepreneur in Manta says “This is the opportunity Manta was waiting for.” And the head of the Manta Chamber of Commerce, Melvin Herrera, says “Energy will be cheaper and for that reason the services we offer will be more attractive for the fishing and food industries and for tourism as well”.

The creates great opportunity for real estate around Manta.

The warning?

Be careful buying real estate south of Manta. The exact site as not been selected. A refinery makes a lousy neighbor for your luxury beach condo.

Those looking for beach getaways may want to consider the sea-side villages and towns to the north of Manta such as Crucita, San Jacinto, San Clemente, Bahia, Canoa, and Pedenales.

See more about opportunity in Manta’s boom at Manta Real Estate in Ecuador and Ecuador Beach Condos Introduction

See More at Manta Oil Refinery