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.