Ecuador: Russia to invest up to 1.5 billion in domestic energy projects

Posted on October 31, 2013 • Filed under: Ecuador, Europe, Oil

Russia plans to invest up to $1.5 billion into new domestic energy projects in Ecuador, making the South American country a key partner in the region, President Vladimir Putin said at a meeting with Ecuadorian President Rafael Correa in Moscow. The two countries have several ongoing energy projects, including state-owned Gazprom’s alliance with Ecuador’s state-run oil company Petroamazonas. The Latin American country hopes to buy less and less oil and gas from abroad, and to develop its own natural gas reserves and become more energy self-sufficient. Read Article

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