Canada looks to invest more in the oil sector in Ecuador

The minister of Foreign Trade of Canada, Michael M. Fortier, discussed today in Quito, the possibility of greater investment in his country in this Andean nation especially in the energy sector.

Quito, EFE

The minister of Foreign Trade of Canada, Michael M. Fortier, discussed today in Quito, the possibility of greater investment in his country in this Andean nation especially in the energy sector.

In that sense, Fortier met with Ecuadorian Minister of Mines and Petroleum, Galo Chiriboga, who said that local government policy "is to maintain a good relationship with business, under the principles of environmental protection and respect for the communities where projects are located. "

Coinciding with Chiriboga, Fortier said that companies should respect the society and the environment and added that, if it does not happen, either approve them to be kept in operation.

Chiriboga said that the government of President Rafael Correa drives legal certainty for both the State and for private companies involved in various productive activities.

In the event, the ministers exchanged views on investment opportunities of Canadian companies in the oil industry, such as Ivanhoe Pungarayacu in the field, or in the Pacific Refinery, which will be built in the province of Manabi, along with the company Petroleos de Venezuela (PDVSA).

Chiriboga also indicated that Fortier to the possibility exists that Canada participate in the exploration and exploitation of gas in the Gulf of Guayaquil, whose work carried out shortly PDVSA state-owned enterprises, and Enap of Chile.

In the case of the mining sector, Fortier expressed concern about reversals made some concessions, but the Minister of Mines and Petroleum explained to him that were based on the provisions of the Mining Mandate that helped organize this activity.

Chiriboga said that the uncertainty in the mining sector were cleared in the coming weeks, after the completion of the referendum on draft of the new Magna Carta.

The Ecuadorian minister recalled that after the referendum, scheduled for next September 28, will appoint a legislative body to which the Executive will send the proposed new Mining Act, which creates conditions of security for the State and enterprises.

The Canadian Minister indicated that his country mining activities are developed with high standards of environmental and social protection, so Galo Chiriboga requested that Canadian companies who are in Ecuador comply with the same schemes.

At the meeting, ministers and Fortier Chiriboga also addressed the possibility that Canada will help improve standards of production and environmental management of small and medium-sized mining companies, which are basically subsistence.

Fortier also announced an early visit to Ecuador's prime minister of Canada, Stephen Harper, who planned to meet with Correa, although no dates were specified