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Ecuador-Venezuela in Thick with
Oil
Venezuelan Energy Minister
Rafael Ramirez will arrive in
Quito Thursday to sign two oil
agreements with the provisional
president of Petroecuador Walter
Lopez.
The signing of the deals will
set up a strategic alliance
between the two countries in the
energy sector, and will take
place this afternoon at the
Energy and Mining Ministry in
that capital, government sources
informed.
The first of those accords will
allow Venezuela´s state PDVSDA
Oil Company to take part in the
modernization of Ecuador´s
Esmeraldas Refinery, as well as
other projects.
The second one establishes
guidelines for the exchange of
Ecuadorian crude oil for its
derivatives, thus benefiting
that country, whose refineries
fail to meet internal demands of
diesel, lubricants, and
gasoline.
Ecuadorian Energy and Mining
Minister Ivan Rodriguez
announced yesterday the oil to
be sent to Venezuela will be
extracted from the bloc 15,
formerly operated by US Oxy.
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