El Universal, 6 August, 2007
Venezuelan President Hugo Chávez is to sign with his Ecuadorian counterpart Rafael Correa an agreement to build an oil refinery in southwestern Ecuadorian province of Manabí, Monday reported Mines and Oil Minister, Galo Chiriboga.
The pact is to be signed Thursday in Quito.
"On Thursday, the Venezuelan President will arrive in order to sign an agreement to build together a refinery in (coastal) province of Manabí," the Ecuadorian official declared to reporters, as quoted by AFP.
On Saturday, Chávez said that "in Ecuador, we are going to do something very important, we are going to sign an agreement to build a big, strategic oil refinery on the Pacific coast."
The project, at a cost of USD 5 billion, could be the first to be funded by the proposed Bank of the South -promoted by Caracas and with Quito as a partner-, according to the Ecuadorian government.
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