OPEC president: Ecuador welcome back

VIENNA, March 15 (UPI) -- OPEC's president said at a Vienna news conference Ecuador can re-establish its membership at any time, saying Quito suspended but didn't sever ties in 1992.
Mohamed bin Dhaen al-Hamli, president of the Organization of Petroleum Exporting Countries, said Ecuador is welcome back "at any time," the global energy information firm Platts reports.
Hamli is also the energy minister of the United Arab Emirates.
According to a Nov. 27, 1992, OPEC release: "The conference regretfully accepted the wish of Ecuador to suspend its full membership in the organization. However, recognizing the current economic constraints facing that country, the conference hopes that Ecuador will be able to overcome these difficulties and rejoin the organization in the not too distant future."
Rafael Correa, Ecuador's president, said Wednesday he wants to join OPEC again but didn't set a timeline.
Current members of the oil cartel include Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Hamli, responding to rumors Sudan would join, said "There is no official communication (from Sudan) about joining OPEC."

Ecuador Returns to OPEC

Quito, Feb 22 (Prensa Latina) Ecuadorian Energy Minister, Alberto Acosta, reported the return of his country to the Organization of Petroleum Exporting Countries (OPEC).

In addition to the many benefits acquired by being a member of the group, Quito will obtain an aggressive policy in foreign trade, Acosta told foreign press.

Only the approval of the president, Rafael Correa, is needed for reintegration to that organization that had been abandoned in 1992.

Details are still pending with the president, as well as negotiating payment of the debt to that organization that amounts to four million euros, he explained.

"Withdrawal from OPEC was a mistake that we intend to correct," the minister further emphasized, reiterating the support of several member nations of the group, Venezuela included.

Acosta explained that since the nation has marginal production, being part of the group offers political support and access to technical advice and possibilities of technical training.

OPEC controls almost a third of all oil sold in the world and it would be beneficial to receive support in a series of projects to develop extraction.

"The most important point for us is that we will need an aggressive foreign trade policy with the Arab countries and other member nations," he pointed out.

He concluded saying that extraction capacity only reaches 530,000 barrels a day between private and state companies combined.

Ecuador Is Very Pleased with ALBA

Caracas, Feb 13 (Prensa Latina) The Ecuadorian government expressed satisfaction with the Venezuelan proposal of ALBA (Bolivarian Alternative for the Americas) and considers it may join very soon, affirmed official sources Tuesday..

In declarations to the press, Ecuador s Vice President Lenin Moreno noted that the Executive is making the necessary evaluations with a view to joining that initiative.

Moreno, who is visiting Venezuela, said the project is a sample of solidarity, equality and equity in the spheres of economy, society, culture and justice, among others..

Ecuador is also thinking of materializing its return to OPEC.

The vice president met with Venezuelan dignitary Hugo Chavez on Monday to deal with bilateral links and common interests.

The talks were focused on the integration process and the Venezuelan experience in different social programs, as well as and the progress of innovation in the scientific and technological fields