| 13 Jan 2009 |
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Ecuador Seeks $280m Credit
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Ecuador is seeking $280 million in credit from Iran to invest in a pipeline project as well as other development projects in its energy sector.
"We are asking for a credit line of $280 million, especially to invest in our pipelines. We are sure that this money will come," Ecuador's Mining and Oil Minister Derlis Palacios said on Sunday to Dow Jones Newswire.
The Ecuadorian minister did not mention further details about the credit line. He added that Iranian officials would come to Ecuador next week to study plans about oil and gas exploration or project development in the country's coastal regions. He said that the Iranian officials would also talk about a possible joint venture with Ecuador's state-owned oil company, PetroEcuador, to develop Block 31 in the country's Amazon region.
Palacios noted that relations between the two countries have been revitalized after President Rafael Correa visited Iran last December. During the visit, Iran and Ecuador signed 12 memoranda of understanding relating to industry, energy, oil, banking, health and trade.
Correa said in Tehran that Iran would provide technology to Ecuador for natural gas exploration.
Iran has pledged to deepen its commercial and energy ties with Venezuela, Paraguay, Brazil, Ecuador, Nicaragua, Cuba and Bolivia as part of an effort to acquire a higher profile in Latin America.
Venezuela and Iran also plan to loan Bolivia $225 million to create a state cement company for the construction of roads and houses. The deal was made between Bolivian President Evo Morales, Venezuelan Ambassador Julio Montes Prado and Iranian business official, Hojjatollah Soltani.
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