Belarus to invest in oil industry of Ecuador

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On Thursday, the Government of Ecuador signed agreements with two foreign companies, including with "Belorusneft", that provide for investing into the oil sector of this South American country, RIA "Novosti" reports with reference to the South American media.

It is about the development of a number of deposits in the province of Pastaza, and the total foreign investment volume in the initial phase is estimated at $ 100 million, reports the agency Andes. The Chilean company Enap is also involved in the project and, by the way, plans to develop another deposit in Ecuador together with the Ecuadorian Petroamazonas.

"Apart from the contracts signed today, there is an important strategic alliance with friendly countries," said Minister of Strategic Sectors of Ecuador Rafael Poveda at the ceremony.

The exact amount of Belarusian investment into the project is not revealed, but it is known that a consortium involving Ecuador, Chile and Belarus is established to develop the oilfield in Pastaza, and the term of the service contract is 20 years. It is related to studying the oil deposit and other works.

The Ecuadorian portal El Diario reports that investment in these projects can be increased by $385 million in the future.

Latin America remains the main region of activity of "Belorusneft" abroad. Earlier, it was reported that in the second half of 2014, the Ministry of Non-renewable Natural Resources of Ecuador agreed technical and economic conditions of exploring and developing the oilfield "Block 28" by the alliance of "Belorusneft", the Ecuadorian Petroamazonas and the Chilean ENAP. The total area of the oil block is 725.5 square miles.

We remind that on March 9, the United States lifted sanctions against the state-owned enterprise "Belorusneft", which were imposed in 2011.

Text by TUT.BY

Pictures by RIA Novosti