May 30 (Bloomberg) -- Ecuador has saved about $252 million by swapping crude oil for refined products with Venezuela, President Rafael Correa said.

“That alone justifies all the agreements with this country,” Correa said on his weekly radio-and-television address, according to a statement on his Web site.

An oil refinery being designed for Manabi, Ecuador, by Petroecuador and Petroleos de Venezuela SA, the state-owned oil companies of the two Andean nations, is undergoing an environmental study before construction begins next year, the statement said, citing Correa.

Ecuador and Venezuela, close political allies, have signed a series of energy agreements as they take charge of their natural resources in the name of national sovereignty.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net

Last Updated: May 30, 2009 13:54 EDT