Articles
Business intelligence and analysis on Ecuador
Esmeraldas Refinery Restarts FCC Unit May 15; Gasoline and Domestic Gas Resume, Diesel Premium Deferred to June 2
Petroecuador restarted the Esmeraldas refinery's FCC unit on May 15, 2026, resuming domestic gas and gasoline production. Diesel premium output is deferred to June 2. Ecuador had been importing 65% of fuel demand during the outage that had the refinery at 41% of its 110,000 bpd capacity.
Noboa Cites 4% Growth, Sub-2% Inflation, Record 2025 FDI in CNN Interview — Claims Pending Independent Confirmation
In a CNN interview from Washington D.C., President Noboa cited 4% economic growth, inflation below 2%, a record for 2025 foreign direct investment, and poverty reduced to 21.4%. These are presidential talking points; Ecuador Brief flags them as claims to be reconciled against official BCE and INEC data.
Ecuador–Argentina AC59 Addendum to Cut Vehicle Tariff from 16.1% to 10%; Adefa Projects Market Share to 2%
An addendum to the AC59 economic complementation agreement will reduce Ecuador's import tariff on Argentine-made vehicles from 16.1% to 10%. Adefa projects volume could triple to ~3,000 units (≈2% of market). Signature is expected in the second half of June; the deal is technically and legally agreed.
Decreto 378 Extends Inter-Provincial Bus Subsidy to June 15; Urban Fare Pressure Builds Across Five Cities
Executive Decree 378, signed May 8, prorogues central government compensation payments to inter- and intra-provincial transport operators through June 15, 2026, pushing the fiscal and political fight over urban fares into mid-2026. Five major cities are at different stages of the same cost-recovery problem.
Bloque de Seguridad Militarizes Puerto Bolívar; 1,600-House Sweep Targets Drug Networks at Ecuador's Banana Export Hub
On May 14, 2026, Ecuador deployed its Bloque de Seguridad joint operation to Puerto Bolívar in El Oro province, with plans to search approximately 1,600 houses over the next three days. The port is a top channel for Ecuador's banana exports and has also been identified as a major cocaine transit point.
Ecuador and Morocco Sign JETCO Memorandum to Establish Joint Economic Committee; First Meeting in June, Business Council in Quito in September
Ecuador signed a memorandum with Morocco on May 12 establishing a Joint Economic and Commercial Committee (JETCO), with the inaugural session scheduled for June 2026 and a follow-on bilateral business council convening in Quito in September.
Plan Credicasa Delivers 125 Homes on May 12 at 2.99% Biess Mortgage Rate; $15M in Total Disbursements Across 300+ Loans
Ecuador's Plan Credicasa housing program delivered 125 additional homes on May 12, financed at 2.99% through Biess and developed in partnership with Ambiensa. The program has processed over 300 disbursements totaling $15 million, with 1,300+ pending applications nationally and 478 from Guayas province alone.
Ecuador's UAFE Launches Regional Anti-Money-Laundering Operation with Colombia and Peru; Quito, Guayaquil Airports, Huaquillas and Rumichaca Borders Targeted
Ecuador's Financial Analysis Unit (UAFE) activated its first regional anti-money-laundering operation of 2026 in coordination with Colombian and Peruvian counterparts, targeting the Quito and Guayaquil international airports and the Huaquillas and Rumichaca land borders.
Esmeraldas Refinery at 33-40% Capacity With FCC Unit Offline; Ecuador Now Imports 65% of Fuel Demand
Ecuador's Esmeraldas refinery is operating at 33-40% of its 110,000 bbl/d capacity with the critical FCC unit offline, forcing the country to import 65% of fuel demand. Diesel broke the $3/gallon threshold for the first time on May 12. Petroecuador targets an FCC restart on May 15.
Ecuador Banking Sector Posts $305M in Profits Through April; Credit Portfolio Reaches $53.4B at 12.8% Annual Growth
Ecuador's private banking sector recorded $305 million in combined profits through April 2026, with the total credit portfolio reaching $53.4 billion — a 12.8% annual increase. Deposits grew 13.4% to $62.7 billion. ROE hit 14%, surpassing pre-pandemic levels for the first time.
Government Expands 7x7 Credit Program by $100M, Opens BanEcuador Lending to Artisanal Fishers for First Time
Ecuador allocated an additional $100 million to the Crédito Productivo 7x7 program through BanEcuador, extending eligibility to artisanal fishers for the first time. The first phase distributed $100M across 9,341 operations. An estimated 11,500 fishers with 7,500 vessels are now eligible.
Ecuador's $1B May Bond Placement Drew $7B in Demand; Country Risk at 404 Points — Lowest Since 2014
Ecuador placed $1 billion in sovereign bonds on May 6 at an 8.5% annual rate, drawing $7 billion in demand from 200 international investors — a 7x oversubscription. Country risk has fallen from 1,908 points in April 2025 to 404 today, restoring market access after seven years.