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Petrobras and Petroecuador sign an a strategic alliance agreement
PETROLEUMWORLD
QUITO
Petroleumworld.com 07 09 06
The director of Petrobras' International Area, Nestor Cerveró, and the executive president of Empresa Petróleos de Ecuador (Petroecuador), Walter López, formalized, in Quito, a strategic alliance agreement between the two companies to carry out economic activities of mutual interest in exploration, production, transportation, storage, marketing and distribution.The companies will constitute an executive committee to identify the need for projects in the areas covered by the agreement and to arrange for project approval both by the companies and by the governments of the two countries. The agreement will be in effect for five years and may be automatically renewed for equal terms.
Petrobras is assisting Petroecuador in one of the government's projects that is seeking to introduce ethanol in that country's energy matrix, relying on the Company's 20-year experience in mixing the product with gasoline as well as on its transportation and distribution logistics.
Performing in exploration and production since 1985, Petrobras discovered the Sunka and Wanke fields and currently operates blocks 18, 31, and the unified Palo Azul field in Ecuador.
By signing the mutual cooperation agreement, the Company shows its interest in continuing investing in Ecuador, where, up to 2005, it had invested $461 million in the fields it operates and where it intends to invest another $160 million in 2006, and $500 million in the next five years.
Petroleumworld 07 06 06
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