Ecuador signs MOU with UAE to pave way for oil purchases
- Country:
- Ecuador
Ecuador on Thursday signed a memorandum of understanding (MOU) with the United Arab Emirates that paves the way for state oil company Abu Dhabi National Oil Company (ADNOC) to purchase oil from the South American country's state oil firm, Petroecuador.
"It establishes a roadmap for ADNOC to purchase Ecuadorean oil in the medium and long term and to develop joint marketing schemes that will allow Ecuador to access refined fuels directly, bypassing intermediaries," the Ecuadorean Ministry of Environment and Energy said in a statement.
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