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Ecuador and Venezuela will construct oil refinery for 5,5 billion dollars
3 February 2008Venezuela and Ecuador have signed the agreement on joint construction of an oil refining factory in Ecuador in cost of 5,5 billion dollars.
Future oil refinery - the joint venture of state companies Petroecuador and Petroleos de Venezuela SA (PDVSA) - will be located in one of Ecuador provinces; its capacity will be made 300 thousand barr. of oil per day. Such information has been given by Associated Press, referring to the message of the Oil and Mining Industry Ministry of Ecuador.
As it is marked in the message of department, the project is a component “obligations of the president of Ecuador and the president of Venezuela on power integration of two countries”.
In 2007 Ecuador has shown one of the lowest gross national product parameters - 2,67 %. The president of Ecuador has connected it with decrease in volumes of oil extracting in the country on 9,8 %. Probably, some recession of oil extracting in Ecuador in November, 2007 is connected 15 years break in cooperation with cartel. The country has left OPEC in 1992 in view of disagreements in questions of oil recovery quotas distribution.
Ecuador is the fifth on size the oil exporter among the Latin American countries. Daily the country extracts 535 thousand barr. The incomes from oil export provide 43 % of Ecuador’s budget receipts.
Let’s notice, that relations of Venezuela and Ecuador, besides, oil, have been strengthened in December 2007 by new regional bank - New regional bank of development - Banco del Sur, or Bank of the South. Brazil, Argentina, Bolivia, Uruguay and Paraguay also have taken part in its creation.
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