State-owned PetroEcuador has modified the terms and conditions of oil transactions to help buyers overcome the growing challenge of securing letters of credit from climate-minded banks and insurers. Counterparties can now present requisite guarantees from domestic banks backed by a triple-A rated foreign bank, PetroEcuador said today. Similarly, the company will accept domestic insurance policies with the backing of international re-insurance entities. The list of international banks approved by Ecuador's central bank that are eligible to issue guarantees has been expanded to 750 from a previous 386. And buyers now ... (full story)