Venezuela and Ecuador initiated largest Petrochemical refinery
Caracas, Venezuela, 15 July 2008. During a short visit of Venezuelan President Hugo Chavez to Ecuador, a new petrochemical refinery at Manta was initiated. This joint venture initiative between Venezuelan and Ecuador was penned by President Hugo Chavez and Rafael Correa.
This petrochemical project would cost over 5.000 million dollars. It is expected to be ready by 2013. According to Chavez this is a static enterprise for South America. It would also boost local agriculture through the production of fertilisers. Furthermore, it will place oil facing Pacific shore customers. According to BBC Mundo, some analysts criticise the initiative on the grounds that Ecuador lack enough oil to process at the refinery. Others have said it is a project with a strategic conception and prospect.
Nicaraguan President Daniel Ortega suddenly joint Chavez and Correa, turning today´s meeting in a trilateral gathering or mini Summit. There is another refinery project between Venezuela and Nicaragua aimed at the Pacific oil customers.
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