Petroecuador and PDVSA Increase Collaboration

Quito, Jun 23. -The general manager of Petroecuador Marco Calvopiña said that new areas of collaboration between state oil companies of Ecuador and Venezuela seek to strengthen the bonds of brotherhood.

"With Petroleos de Venezuela (PDVSA), we have an agreement to trade oil for derivatives that is very successful, the construction of a highly complex refinery in Ecuador with an investment exceeding 12 billion USD, and other important activities in prospecting and production", Calpoviña said on Wednesday.

We want to boost our relationship and increase the participation of both companies for the development of our peoples, Calvopiña said, referring to the agreements reached in the context of the recent visit of Venezuelan President Hugo Chavez to Ecuador.

One of the agreements envisages the joint study of blocks 11 and 38 of the Ecuadorian Amazon and a protocol for PDVSA and Petroecuador to explore new business opportunities. (Prensa Latina)