QUITO – An Ecuadorian government official and Russian state-controlled oil giant Rosneft’s representative for Latin America signed a memorandum of understanding on exploring future investments in the Andean nation’s hydrocarbons sector.
“This is a strategic and complementary alliance between Russia and Ecuador. We have the political willingness to work with Russia and Rosneft,” said Ecuador’s minister coordinator of strategic sectors, Rafael Poveda, who signed the MOU.
Rosneft’s Latin American representative, Mikail Hrafinin, said he is confident the agreement will be beneficial for both parties, while Russia’s ambassador to Ecuador, Yan Burliay, said the “world’s largest oil producer” is coming to the South American country “to share experiences and explore the possibility of mutual cooperation.”
Rosneft engages in the exploration, development, production and sale of crude oil and gas, petroleum products and petrochemicals, as well as the refining, transportation and sale of petroleum products.
In November, the company signed a contract with Venezuelan state-owned oil company PDVSA for the purchase of 1.6 million tons of oil and 9 million tons of petroleum over five years.