TEHRAN — Iran and Ecuador inked a memorandum of understanding on cooperation in the oil sector on Saturday.

Iran’s Oil Minister Gholam-Hossein Nozari and Ecuador’s Minister of Mines and Petroleum Galo Chiriboga Zambarno signed the MOU, IRIB reported.
Delivering a speech during the ceremony in which the accord was signed, the Iranian oil minister said, “inking the oil cooperation MOU was in line with the will of the two country’s presidents to boost bilateral relations.”
“Training the Ecuadorian oil industry staff, and repairing and renovation of refineries are among the main points of the MOU,” he added.
According to IRNA Nozari also stated, “Despite the sanctions imposed on Iran, the country’s crude production is 4.3 million barrels per day and its natural gas production stands at over 500 million cubic meter per day.”
“Iran’s oil industry enjoys 100 years of scientific and experimental activities and currently the Iranian projects are being carried out by Iranian experts and specialists,” he explained.
Iranian oil minister voiced Iran’s readiness to exchange its valuable oil and gas experiences with Ecuador so that the existing problems facing that Latin American country would be solved soon.
He expressed hope that the signed letter of understanding would open a new chapter in the two countries’ cooperation.
Nozari added that the two countries’ leaders are determined to further boost all-out ties between the two sides.
The Ecuador minister referred to Tehran refinery as one of the world largest refineries and expressed his satisfaction with his current visit to Tehran.
He underlined the need for taking further strides to boost economic ties between the two countries.
Zambarno stressed that Iran and Ecuador are to further bolster their economic ties through establishment of a joint company.
Praising Iran’s valuable experiences in the areas of oil and gas, he called for exchange of such experiences between the two states and invited his Iranian counterpart to visit Ecuador in the near future to study the issue.
----------- Iran to construct refinery in Ecuador
Iran and Ecuador have agreed to build an oil refinery in the Latin American country, says Iranian Oil Minister Gholam-Hossein Nozari, Press TV reported.
Nozari said the construction of the refinery will be co-financed by Iran, Ecuador and Venezuela.
The two oil ministers also agreed to construct a petrochemical production unit in Ecuador, he added.
Ecuador’s oil minister said that the two countries would establish an oil company through which the joint energy projects can be implemented.
Both Iran and Ecuador are members of the Organization of Petroleum Exporting Countries (OPEC), which accounts for about 40 percent of the world’s oil production.
Ecuador, the fifth largest South American oil producer, currently has three refineries with a total refinement capacity of 110,000 barrels of oil per day, making it the smallest producing member of OPEC.
Venezuela and Ecuador agreed in July to construct a refinery capable of producing 300,000 barrels of oil per day in Ecuador’s coastal province of Manabi.
----------Nozari lauds Ecuador’s cooperation with Iran at OPEC
Oil Minister Gholam-Hossein Nozari said on Sunday that Iran and Ecuador had very close cooperation at the recent OPEC meeting in Vienna, IRNA reported.
“The two countries share identical views on many issues at the OPEC session,” he stated.