Petroecuador, CNPC Ink Strategic Alliance

Ecuador's state oil company Petroecuador and its Chinese counterpart CNPC have signed a strategic alliance agreement to develop joint hydrocarbons activities.

The five-year agreement covers E&P, transport, storage, industrialization, commercialization, oil services, environmental management, institutional strengthening and training, Petroecuador said in a statement.

The companies will now establish an executive committee and groups to identify, evaluate and define joint cooperation activities.

Special attention will be given to fuel theft, the optimization of refining processes and biofuels, among other areas, the statement said.

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