Latinnews Daily - 22 December 2006

Significance: Correa's trip to Venezuela was extended by an extra day following his decision to cancel a visit to Colombia over its resumption of aerial spraying. The extra day allowed Correa to talk further to Chávez about bilateral energy cooperation and to continue lobbying the Venezuelan president to reconsider his decision to quit CAN.

Correa said he understood Chávez 's disillusionment with CAN but that his and Bolivian President Evo Morales's requests for Venezuela to rethink its position on the organisation were being considered. Chávez "has not shut all the doors", he said. Correa added that he shared much of Chávez 's disdain for the group given its "poor results and mistaken vision", but said that could be changed. The president-elect advocated working towards a fusion of CAN and Mercosur, the customs union consisting of Argentina, Brazil, Paraguay, Uruguay, and now Venezuela.

The two leaders also signed an agreement to swap Ecuadorean crude oil for refined Venezuelan petroleum products. Under the terms of the deal Venezuela will refine up to 100,000 bpd of Ecuadorean crude (the country produces just over 500,000 bpd) by 1 February. Petroecuador, the state oil company, will pay only for the cost of refining, and not the cost of transporting the crude. Pdvsa, Venezuela's state oil company, will also help expand the outdated Ecuadorean refinery in Esmeraldas.

End of preview - This article contains approximately 247 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial