Ecuador-New oil refinery largest in the region.

ECUADOR.

THE REGIONS BIGGEST OIL REFINERY.

President Hugo Chevaz of Venezuela and president Rafael Correa of Ecuador, have signed an agreement, to build the largest oil refinery in Latin America on the Pacific coast.

The joint venture is estimated to costUS$6.6 billion and will take crude oil that normally goes to the USA.

Similar proposed refineries, will be built in Brazil and Nicaragua.

Ecuador and Venezuela are both members of oil producing countries association OPEC.