ECUADOR GETS LOAN TO HELP REPAIR OIL PIPELINE
The Andean Development Corp (CAF) said
today it is lending 11.7 mln dlrs to Ecuador to help repair 25
miles of oil pipeline destroyed by an earthquake earlier this
month.
    the loan was signed here today in the offices of the
caracas based caf by the corporation's president, galo montano
perez and ecuadorean ambassador antonio parra gil.
    the loan had originally been intended to finance an
expansion of the pipeline, but following the earthquake the
ecuadorean government asked for the terms to be changed so as
to permit their use in reconstruction.
    Ecuador expects oil production to be suspended for four
months as a result of the damage, and has asked Venezuela to
help by supplying 50,000 barrels per day while the pipeline is
repaired.
    The OPEC member has a production quota of 210,000 bpd but
has asked the organization to allow it to produce 310,000 bpd
once the repairs are completed so as to compensate the loss.
 Reuter
