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Venezuela's President Chavez sign energy security treaty with Ecuador
AP
Ecuador's President Rafael Correa, left, holds up Venezuela's President Hugo Chavez's hand as they greet supporters from the Government Palace balcony in Quito, Thursday, Aug. 9, 2007.PETROLEUMWORLD
CARACAS
Petroleumworld.com 08 10 07
Venezuela’s President, Hugo Chávez, signed an oil agreements Thursday in Quito, Ecuador, as part of the historic integration mechanism of an Energy Security Treaty, betweemn Venezuela and Ecuador.This is the first time that an oil country has signed an agreement to guarantee energy for the next 100 years to a country without oil, the President said Thursday early morning after holding a meeting with his Ecuadorian counterpart, Rafael Correa.
The treaty allows Venezuela's oil company PDVSA and Ecuador's oil company PetroEcuador to form joint ventures together to exploit several mature oil fields in Ecuador, and in Venezuela's Orinoco belt.
The accord includes, PDVSA building a refinery in the Pacific to refine Venezuelan and Ecuadorian oil.
Also, Chávez pointed out that during the meeting with the President of Ecuador, they talked about several issues concerning the integration such as the Bolivarian Alternative for the peoples of America (Alba), the alternative program to U.S. free trade treaty ALCA,
President Chávez condemned the development model imposed by the nations of the region that, in the particular case of Ecuador, has caused the reduction on oil production from 600,000 to 200,000 oil barrels.
The President explained that it caused that the Ecuadorian State has assigned almost all its resources obtained by the sale of its oil in the purchase of oil derivates.
They sell the oil barrel in $50 or $60 and they have to buy gasoline in $80 or $90. That’s the model imposed to Ecuador, a colonial model. We came here to help in the liberation of Ecuador, Chavez said, Venezuela's news agency reported
The President stressed the recent agreements on Energy Security signed in Argentina and Uruguay, which will be guaranteed energy to the South American nations.
The agreements will free the region from the American Empire, President Chávez said.
Petroleumworld 09 08 07
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