[Marxism] Ecuador to Refine Oil in Venezuela: Correa

Walter Lippmann walterlx at earthlink.net
Sat Dec 2 22:51:46 MST 2006

(A great leap forward for Latin American integration!)

Via NY Transfer News Collective  *  All the News that Doesn't Fit
excerpted from VIO Venezuela Daily News Roundup - Nov 30, 2006

[In South America, President-elect Rafael Correa of Ecuador announced a
partnership to have Ecuadorean oil refined in Venezuela, helping his country
save money from purchasing refined gasoline on the open market. -VIO]

Reuters - Nov 29, 2006

Ecuador to refine oil in Venezuela: Correa

QUITO, Ecuador (Reuters) - Ecuador's leftist Rafael Correa, who won Sunday's
presidential run-off vote, will start sending Ecuadorean oil to refine in
Venezuela, he told a local newspaper in an interview published on Wednesday.

Correa, who says he admires Venezuelan President Hugo Chavez's call for
leftist integration in Latin America, beat rival, magnate Alvaro Noboa, in
the election to become Ecuador's eighth president in a decade.

Electoral authorities are expected to name the U.S.-trained economist as
president-elect later on Wednesday, although Noboa has yet to concede defeat
and could challenge the vote. The new president will take office on January
15 of next year.

Ecuador, South America's No. 5 oil producer, has very limited refining
capacity, which forces it to sell only crude overseas and import finished
products such as gasoline.

"From January 16 we will send oil to Venezuela to refine," Correa told
Comercio newspaper. "Enough of throwing money out of the window to export
crude and import products."

Correa, who spooked Wall Street with talk of debt renegotiation, has also
promised to review foreign oil contracts to ensure the state receives a
larger share of volume from production.

A regional oil power and OPEC member, Venezuela is the fourth-largest
petroleum supplier to the United States.

Chavez, a self-styled socialist revolutionary opposed to Washington, has
promoted an alliance in Latin America to counter U.S. influence and
free-trade deals. He has signed scores of oil deals with neighbors as part
of his campaign.
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