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Venezuela's Chavez to make oil deal with Ecuador

VOA News
WASHINGTON
Petroleumworld.com 05 31 06

Venezuelan president Hugo Chavez travels to Quito Tuesday to sign petroleum agreements with Ecuador's president Alfredo Palacio.

Ecuadorian officials said Monday Venezuela will provide technical advice to state-run oil company Petroecuador. Venezuela has also offered to refine Ecuadorian crude oil at a discount price. The value of Venezuela's assistance could be as much as $300 million per year.

Meanwhile, Venezuela's oil minister has said market principles call for oil producing countries to cut the amount of oil they put on the market.

Rafael Ramirez spoke in advance of Thursday's conference in Caracas of the Organization of Oil Producing Countries.

Venezuela has been a proponent of cutting output to increase prices, but other OPEC countries, such as Iran and the United Arab Emirates, have said production cuts are unlikely.

VOA News 30 05 06

Copyright ©2006 VOA News . All Rights Reserved.

 

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