Ecuador and Venezuela in oil pact

Countries agree to build biggest refinery in South America's Pacific coast.

    Chavez, right, and Correa say the plant
    will boost regional energy security [AFP]

    Correa said that the joint $6.6 billion project by state-run oil firms from both countries will save Ecuador $3 billion in oil imports a year.

    Venezuela and Ecuador are the only Latin American members of the Organisation of the Petroleum Exporting Countries.

    Future plans

    Chavez said he plans to build other refineries in Brazil and Nicaragua.

    "Everything ended up in the United States; that's what the empire and colonialism are all about," Chavez said.

    Chavez said his goal was to provide "energy security for all the people in the (South American) continent."

    He also proposed building a joint steel plant in Ecuador and help it improve its telephone service.

    Correa said Chavez's plans were not motivated by "interest" or a desire to interfere in his neighbours' affairs, but by a feeling of solidarity and his belief in the "Latin American Union".

    SOURCE: Al Jazeera and agencies


    YOU MIGHT ALSO LIKE

    How different voting systems work around the world

    How different voting systems work around the world

    Nearly two billion voters in 52 countries around the world will head to the polls this year to elect their leaders.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    The great plunder: Nepal's stolen treasures

    The great plunder: Nepal's stolen treasures

    How the art world's hunger for ancient artefacts is destroying a centuries-old culture. A journey across the Himalayas.