Ecuador and Venezuela Look for Oil Refinery Partner

Posted on June 8, 2011 • Filed under: Ecuador, Latin America News, Oil, Politics, Venezuela
  • According to ElComercio.com 12 agreements established a trust and a bilateral fund for development, USD 66 million, in Ecuador and Venezuela during a meeting of the two presidents in Salinas.
  • Joint marketing venture in coca, bananas, flowers, aquaculture and packing plastic, were established.
  • Other agreements included exporting 14,000 vehicles to Venezuela and the establishment of a housing company.
  • A Pacific Refinery project was the most important development.
  • The Refinery will be split between both countries, 51% Petroecuador and 49% PDVSA, with a budget of USD 12,000 million. Operations are estimated to begin 2016.
  • To reduce the investment burden, the two countries are looking for one partner. Reportedly, interest lies in the Middle East – Kuwait, Qatar.
  • Venezuela’s Hugo Chavez rejected the proposal by OPEC to increase the production ceiling of oil. His country is a major producer of oil.Read Article
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