VENEZUELA TO LEND ECUADOR 50,000 BPD OF CRUDE
Venezuela will lend Ecuador 50,000
barrels per day of crude oil over the next few months to help
it meet its export commitments, Energy and Mines Minister
Arturo Hernandez Grisanti said today.
    He said that under the terms of this loan, agreed during a
visit here this week by Ecuador's Deputy Energy Minister
Fernando Santos Alvite, Ecuador will begin repaying the loan in
August.
    Hernandez Grisanti said the loan will go part way to
offsetting the loss of Ecuador's 140,000 in exports caused by
earthquake damage to 25 miles of pipeline last week.
    Ecuador was forced to suspend exports after the pipeline
connecting its jungle oil fields with the pacific port of Balao
was put out of action.
    Venezuela has an output quota of 1.495 bpd, while Ecuador's
is 210,000 bpd. Santos Alvite said Ecuador will ask OPEC to
allow it to produce 100,000 bpd above its quota when the
pipeline is repaired to offset present production losses.
    Hernandez Grisanti said also a first 300,000 barrels
shipment of Venezuelan crude oil will leave for Ecuador this
weekend to help meet domestic consumption needs.
    The oil, part of a five mln additional crude oil loan by
Venezuela, will be processed at Guayaquil refineries.
    "If we had not supplied oil to Ecuador the life of this
country would have ground to a halt," he said.
 Reuter
