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Friday, April 6, 2012

Ecuador to join Venezuela-Iran oil project
http://www.avn.info.ve/contenido/ecuador-join-venezuela-iran-oil-project
The Republic of Ecuador confirmed that it will join the oil project of the Bolivarian Republic of Venezuela and the Islamic Republic of Iran in the Orinoco Oil Belt, informed general director of state-run Petroecuador, Marco Calvopina.
The Ecuadorean Executive informed that Quito will soon acquire 14% of the shares in the project that Venezuela's state run oil company PDVSA and Iran's Petropars undertook in the oil field Dobokubi, in eastern Venezuela.
PDVSA and Petroecuador, meanwhile, exploit together an oilfield in Ecuador's area Sacha.
Mr Calvopiña expressed that this cooperation will take place regardless of sanctions imposed against Tehran by the United States and Europe, in an attempt to force Iran to abandon its nuclear program for peaceful purposes.
"I understand that those who shall face that veto or sanctions are US companies or companies with US capital, or US citizens, but we are a company that has nothing to do with the US Government," the official said, reported Ria Novosti.
"We are not doing anything illegal neither immoral" by cooperating with Iran's energy sector, added Calvopiña.
Next month of June, it is expected that US President Barack Obama approves a law aimed, among others, at sanctioning foreign banks that carry out oil transactions with Iranian Central Bank, through which are carried out most of crude purchases. Such international banks may be expelled from the US financial system. 

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