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Ecuador and Venezuela promote "energy integration"(EFE Ingles Via Acquire Media NewsEdge) Puerto Ordaz, Venezuela, Aug 29 (EFE).- Ecuador and Venezuela took another step Friday towards "regional energy integration" with the consolidation of joint oil projects, Ecuadorian Petroleum Minister Galo Chiriboga said. "Our two nations are optimistic about the future of this relationship," he said during the meeting here of Presidents Hugo Chavez of Venezuela and Rafael Correa of Ecuador. The two men were present at the launch of an oilfield drilling rig operated by the respective state oil companies, Petroecuador and Petroleos de Venezuela S.A., in the crude-rich Orinoco Belt, where they signed several energy and trade pacts. In Chiriboga's opinion, cooperation between Venezuela and Ecuador is an instrument that will allow Quito to "seek self-sufficiency" in the oil sector. For the first time, Petroecuador will engage in activities outside its own country, the minister said with reference to the accord signed Friday by Chavez and Correa that grants a shareholding to the Ecuadorian company in a project of exploration and production together with PDVSA. The petroleum pact, which led to the founding of the mixed company Petronado, "will create more jobs" within Petroecuador and "will strengthen and improve its technical and operational capability." Petroecuador will hold a stake of 8.35 percent in Petronado, the minister said. The Venezuelan government said the joint venture will also include Chile, but did not specify the size of the individual stakes. Chiriboga said that Petronado will operate in Ayacucho 5 Block, which has three oil wells with some 4 billion barrels of recoverable oil. Chavez and Correa signed an accord on July 15 for the founding of a mixed company made up of Petroecuador and PDVSA, with one of its projects being the construction of the Refinery of the Pacific in Ecuador. Besides the pact that founded Petronado, Caracas and Quito agreed this Friday to prepare a study to design and construct a plant to regasify liquefied natural gas on Ecuadorian soil. While Venezuela is the world's fifth-largest oil exporter and among the top suppliers of crude to the United States, Ecuador's petroleum output is a modest 600,000 barrels per day, and the country's shortage of refining capacity forces Quito to send oil abroad for processing into fuels. EFE apv-gf/cd Copyright ? 2008 EFE News Services (U.S.) Inc. |