The CEO of Ecuador’s state-run oil company Petroecuador, Pablo Flores, has informed the board of directors of his intention to resign, according to an energy ministry document seen by Reuters on Sept. 2.
Flores’ resignation comes as the South American country’s government is planning to merge Petroecuador, which controls the country’s oil refineries, with Petroamazonas, another state-owned oil company focusing on upstream crude E&P in the Amazon region.
In the document dated Sept. 1, Energy Minister Rene Ortiz—who serves as chairman of Petroecuador’s board of directors—wrote that he was convening an emergency board meeting for Sept. 2 to discuss “the verbal resignation tendered by Petroecuador’s chief executive” and to appoint a replacement.
Flores, who took on the role of CEO in August of 2018, could not immediately be reached for comment.
The government has said the merger of the two companies will be completed by Jan. 1 of next year.
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