Ecuador, Venezuela Fuse Energy
Ecuador and Venezuela have established a strategic energy alliance whose aim is to foster Latin American integration.

The agreements signed between Petroecuador and Petroleos de Venezuela (PDVSA) are included in an extensive process of cooperation and energy fusion in Latin America, Venezuelan Energy Minister Rafael Ramirez said Thursday.

The two state companies inked two accords that will enable to explore businesses of mutual interest like refining, production, staff's training and trade.

The first document establishes the bases to start an extensive process of collaboration in the hydrocarbon sector, to develop and foster oil, gas, electricity and petro-chemistry in both nations.

The second accord refers to the exchange and process of the Ecuadorian crude oil for Venezuelan by-products, which will save nearly $200 million to this country.

Ramirez emphasized that this pact allows revealing the crude oil exchange formula for by-products and Venezuela is ready to receive the first oil shipment and deliver by-products, representing important economic savings.

This oil exchange for by-products is scheduled for August.