The new Regulation focuses on legal certainty, attraction of investments and efficiency of the sector.
President Guillermo Lasso signed the new General Regulations for the Application of the Hydrocarbons Law to strengthen the Hydrocarbons Policy enacted through Executive Decree Number 95.
This information was released by the National Secretary of Communication. The institution reported that the regulation consists of three pillars: legal certainty, attraction of investments and efficiency of the sector, aiming at the generation of jobs.
“This new instrument orders the procedural part of the hydrocarbon legal regime, harmonizes the legal provisions reformed in the Hydrocarbons Law and places in a single instrument all the legal mechanisms on the governance and administration of the rights of the sector, in each of the links in the value chain.
The institution added that the Government has carried out the necessary reforms to the Hydrocarbons Law to break “the legal barriers” that the private sector has had, for several years, to develop hydrocarbon activities, for the establishment of investments that generate better income for the country.
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