GSE&C

GS Engineering&Construction
537 Namdaemun-ro

5ga, Gung-gu,

Seoul, Korea

May 9, 2011
Atenci6n: Ing. Marco Calvopifia Vega
Gerente General de la EP Petroecuador
Quito, Ecuador
CC: Honorable Jorge Glas Espinel
EI Ministro Coordinador de los Sectores Estrategicos

Honorable Wilson Pastor Morris

EI Ministro de Recursos

aturales

Renovables

Letter of Interest
I am pleased to issue this Letter of Interest to EP Petroecuador in good faith for the purpose of expressing
our strong interest in arranging financing and performing EPC for the projects currently being considered
by EP Petroecuador regarding upgrading of Refineria Esmeraldas and upgrading/expansion
Shushufindi.
Corporation

of Refineria

On behalf of three company consortium comprised of GS Engineering & Construction

of Korea, Chiyoda

Corporation

of Japan, and Sumitomo

Corporation

of Japan (the

Consortium), I would be most interested in discus ing in detail the aforementioned projects being planned
by EP Petroecuador

at the earliest convenience

at your office in Quito. During the visit by GS and

Chiyoda, we would like to discuss the following

1. While the exact detail of the aforementioned projects are being studied, GS and Chiyoda would
like to visit to discu s your objective
2.

more in detail such as plan scope and potential budget.

During the visit, we would also like to di cu s in detail various financing options that may be
explored to successfully fund the projects. Depending on estimated budgets for each refinery, we
would like to explore if the two project
program.

can be combined to create one single funding and EPC

GSE&C
3.

GS Engineering&Construction
537 Namdaemun-ro 5ga, Gung-gu, Seoul, Korea

For the record, the Consortium of the three companies have previously worked closely with KEXIM (Korea Export-Import

Bank), K- URE (Korea Trade Insurance Corporation) and JBIC

(Japan Bank for International cooperation) and received Letter of Intent from those two agencies
for the previous Refineria Esmeralda
4.

Modernization project.

Upon conclusion of our visit, we would like to elevate the engagement and issue an official Letter
of Intent to further the cooperation for successful implementation of the two projects.

5.

The role defined currently for the members of the Consortium is as follows:
EPe: GS Engineering & Construction of Korea and Chiyoda Corporation of Japan
Financing Arrangement and Packaging:

umitomo Corporation Crude Trading Directorate.

6.

Major Funding Sources: K-EXIM, K-SURE and JBIC.

7.

During the visit, we would also like to receive up to date information on the Refineria Pacifico
project to explore potential participation in financing and EPC in anyone of the blocks or phases.

Signed on behalf of Consortium on this date, May 9, 20 II

Henry J. Jeong/General

.rector for America

and Caribbean

GS Engineering & Construction Corp. Houston Office

Tel: +1-713-584-3893

E-mail: Henrxieong@gscon

cc: GS Main Office, Chiyoda Corporation,

Richard C. Bertsch,

t.co.kr

Sumitomo Corporation

Econ. Mario Sanchez.

Crude Trading Directorate,