Enarsa, Petroecuador Sign JV Deal

Argentina's state oil company Enarsa and its Ecuadorian counterpart Petroecuador have signed a joint venture agreement for the hydrocarbons sector to develop future contracts, Petroecuador said in a statement.

The state-owned companies are interested in working together in "all phases of the oil industry" and will form a joint working group to identify opportunities.

An executive committee established by both companies will be charged with identifying the needs of specific projects, which must be approved by the respective governments.

The agreement has a five-year term and will automatically renew for subsequent five-year periods unless one of the companies wants to pull out.

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