Updated at 19:33,24-11-2017

Belarus ready to invest in Ecuadors oil industry

Euroradio

The countrys government has signed agreements with two foreign companies including Belarusneft.

Belarus will invest in Ecuadors oil industry. The countrys government signed agreements with two foreign companies on April 16 Chilean Enapa and Belarusian Belarusneft. The case in question is an oil field in Pastaza Province.

The investments will reach $100 million at the initial stage (and $385 million will be needed later), RIA Novosti reports. The exact sum of Belarus investments is unknown. A consortium of Ecuador, Belarus and Chile is being created. The contract term is 20 years.

Besides the signed contracts, there is an important strategic alliance with the friendly states, Minister of Strategic Sectors of Ecuador Rafael Poveda claimed.