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Manta Ecuador’s new refinery creates opportunity but here is a warning you also need to know.

Ecuador gas prices are low. Regular gas is $1.20 a gallon and diesel is at an incredible $1.03 per gallon.

Ecuador’s gas price may even drop because it was just announced that Ecuador is to have a new refinery at about 20 miles south of Manta. The new refinery will have a capacity to process 300,000 barrels of heavy crude daily. A new company was incorporated last week at a cost of $30 million. The overall project is likely to cost $6 billion with a rising cost to $10 billion to incorporate a petro-chemical complex.

The construction of just the refinery itself will create 10,000 new jobs in Manabi province. This number, of course, would in reality be greatly amplified by all the jobs created in support industries and services.

This is the second mega-project that Manta is about to experience. The first is already underway. Maritime terminals of Ecuador, an affiliate of Hutchinson Port Holdings, will be a crucial transfer port for international cargos on the new trans-Andes/Amazon road/river highway running from Manaus in Brazil to the Pacific coast at Manta in Ecuador. This will allow Brazilian resources to reach China more effectively and serve as a more effective entry port and distribution point for Chinese goods to reach South American customers. This has far reaching implications for Manta. And Ecuador, too. A Manta councilor had this to say “.. Manta had better prepare itself to be at the forefront of a wave of migration, especially from the rest of our province (Manabi).” Another entrepreneur in Manta says “This is the opportunity Manta was waiting for.” And the head of the Manta Chamber of Commerce, Melvin Herrera, says “Energy will be cheaper and for that reason the services we offer will be more attractive for the fishing and food industries and for tourism as well”.

The creates great opportunity for real estate around Manta.

The warning?

Be careful buying real estate south of Manta. The exact site as not been selected. A refinery makes a lousy neighbor for your luxury beach condo.

Those looking for beach getaways may want to consider the sea-side villages and towns to the north of Manta such as Crucita, San Jacinto, San Clemente, Bahia, Canoa, and Pedenales.

See more about opportunity in Manta’s boom at Manta Real Estate in Ecuador and Ecuador Beach Condos Introduction

Read more about Ecuador’s gas prices and this refinery in an article by Seve Marchat, our man in Ecuador as an Ecuador Living subscriber.

Our coastal tours in September and November will be showing properties in Manta, Crucita, San Clemente and Bahia and we’ll also be shooting to get across the River Chone (new bridge being constructed) to Canoa as well. Details are below.

Gary

Join us in Ecuador

September 17-20 Ecuador Coastal Real Estate Tour; Quito Real Estate Tour

Ecuador Life 6

On the coastal real estate tour we will see these condos by the beach north of Manta offered at $18,000.

Ecuador Life 6

The coastal real estate tour will be centered at Palmazul Hotel & Spa north of Manta.

Sept 23-27 Ecuador Spanish Course

Ecuador Life 6

The Ecuador Spanish course will be conducted at our Colonial Inn El Meson de las Flores.

Cotacachi Real Estate - Calle Bolivar

Sept 28-29 Imbabura Real Estate Tour

Ecuador Real Estate Value

The Ibarra real estate tour will inspect two and three bedroom condos like this for less than $50,000.

See discounts for attending more than one cours

Oct 14-18 Ecuador Import Export Course

Nov 7-9 International Investing and Business Made EZ Ecuador

Nov 10-11 Imbabura Real Estate Tour

November 12-15, 2008 Ecuador Coastal Real Estate Tour; Quito Real Estate Tour