Venezuela, Ecuador sign energy cooperation deals

CARACAS, Aug. 31 (Xinhua) Venezuelan President Hugo Chavez and his Ecuadorian counterpart Rafael Correa Friday signed five energy cooperation agreements. brUnder the agreements, the two nations will enhance cooperation in the prospecting of oil fields as well as refinement of heavy and extra heavy crude. The two leaders also signed a memorandum of understanding on the design and construction of a liquefied natural gas plant in the Gulf of Guayaquil. brIn addition, Venezuela and Ecuador agreed to establish a joint venture in Rio Napo, Ecuador to exploit the Sasha oil field, which will produce between 40,000 and 70,000 barrels of medium crude per day with reserves of 480 million barrels. brThe project will start with an initial investment of 440 million US dollars.