Ecuador president offers joint hydrocarbon development projects to Russia
MOSCOW. Oct 29 (Interfax) - Russia and Ecuador can jointly develop hydrocarbon deposits located in the Gulf of Guayaquil and in southeastern Ecuador, President Rafael Correa said.
"We can work in our gulf and in the southeast of the country. We can develop deposits located there," Correa said at a meeting with Russian President Vladimir Putin in the Kremlin on Tuesday.
Putin, for his part, described Ecuador as one of Russia's key partners in Latin America.
Bilateral trade between Russia and Ecuador stood at $1.3 billion in 2012, and gained a further 10% in the first half of 2013.
Correa also noted that the two countries were already engaged in a large number of bilateral projects, including the Toachi Pilaton hydroelectric power plant (HPP).
Russia's Inter RAO company has been providing electrical equipment worth more than $145 million as part of this project.
A $230-million project to build and assemble the Termogas Machala thermal power plant's gas and steam turbines was launched in June 2013.
Documents circulated ahead of Carrea's visit to Moscow say that Russia's proposals also included a $1.5 billion investment in the construction of the 600-megawatt Cardenillo dam and the 400-megawatt Chontal dam, as well as other hydroelectric projects.
Correa also said that cooperation in R&D efforts and education holds great promise.
"We can further promote our scholarship programs and boost cooperation between our two hi-tech centers - Skolkovo and Yachay," he said.
Russian rail monopoly Russian Railways' (RZD, MOEX: RZHD) plans to build a 1,800-kilometer railroad and its infrastructure may give a powerful impetus to Ecuador's economic growth, analysts have said.
The new railroad is expected to connect Ecuador's capital of Quito with the country's four major ports on the Pacific coast.
Bilateral agreements of intent addressing cooperation in hydroelectricity and Russian banks' plans to fund the construction of the Termogas Machala thermal power plant in Ecuador, as well as a protocol for cooperation in transport infrastructure between RZD and Ecuador's Ministry of Strategic Sectors should be signed during today's negotiations.
