Venesuela Signs Oil Deal With Ecuador

Big News Network Wednesday 31st May, 2006 (UPI)

Ecuador and Venezuela have signed an agreement whereby Venezuela will refine some 100,000 barrels daily of Ecuadorian oil, El Comercio reported Wednesday. Officials in Quito said that the deal will save Ecuador an estimated $300 million a year.

Earlier this month, Ecuador kicked out U.S. oil company Occidental Petroleum for violating the country's rules of operation.

Venezuelan President Hugo Chavez has been steadily strengthening energy ties with other South American nations including Bolivia, recently signing an accord for bolstering Bolivia's gas sector.

Note: Global Perspectives Told You It Would Happen!

Now, we direct your attention to Mongolia. There are large reserves and huge potential oil fields. The USA and other nations should review this opportunity and see how they can benefit, before another "big dog" in the neighborhood gains control of all of this oil. China wants to control it all.

Will the other nations of the world that also need oil desperately let China do with Mongolia, what Chavez has done with Ecuador?