The President of Ecuador, Guillermo Lasso, appointed Fernando Santos Alvite, an expert in the energy and oil sector who held the position between 1986 and 1988, as the new Minister of Energy and Mines on Monday.
“It is always a pleasure to integrate into the Government’s cabinet valuable people, with in-depth knowledge of their areas of work, and in this case, with great experience in the legal field and a broad vision of the energy world”, said the President in a ceremony at the Government Palace in Quito.
Santos Alvite takes over the position from Xavier Vera.
He resigned on Oct. 28 after the Prosecutor General’s Office initiated an investigation for alleged bribery following a series of allegations of corruption.
The President highlighted the trajectory of Santos Alvite, who has been linked for decades to the energy sector and eight years as head of the Legal Affairs Unit of the Organization of Petroleum Exporting Countries (OPEC) in Vienna.
He indicated that the new official assumes the challenge of leading a ministry of fundamental importance for Ecuador’s economy since it allows obtaining resources to meet the needs of the social sector.
“The Ministry covers a broad sector of the economy; the future and sustainability of our economy depend a lot on this sector. The medium-term goal is to double oil production, and Ecuador has the resources to achieve this,” said Lasso.
Current oil production in the South American country is around 500,000 barrels of oil per day, according to state-owned Petroecuador.
Oil is the country’s main export product, and its sales finance is part of the general state budget.
Presidentdent added that Ecuador has excellent mining potential and that it is essential to carry out serious processes, especially with foreign companies that come to invest; he also emphasized the need to produce clean and renewable energies.