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Peru, Ecuador Plan Oil Venture After Peace Accord

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Aug. 8 (Bloomberg) -- Peru and Ecuador are planning a joint venture to explore for oil on the Ecuadorean side of their shared border 13 years after signing a peace accord that ended more than a century of conflict.

Petroleos del Peru SA and PetroEcuador, the nations’ state-owned oil companies, are seeking a partnership to participate in bidding for new oil concessions in southeastern Ecuador scheduled for October, Ecuador’s Non-Renewable Natural Resources Minister Wilson Pastor said today to reporters in Quito. The two countries also signed a $300 million agreement to connect their oil pipelines to carry Ecuadorean crude to Peru’s northern port of Bayovar, he said.

The pipeline deal and planned joint venture are fruits of the 1998 peace accord which ended border wars dating from the 19th century, Pastor said. The pipeline will take three years to build and will attract investors into bidding for the exploration blocks in Ecuador’s Amazon rainforest, he said.

“Today things have changed because there is a very different attitude between our governments after the peace on the border,” Pastor said at a signing ceremony for the pipeline deal. “Now we intend to make the Amazon basin’s oil infrastructure an example of energy integration.”

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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