The state-owned Petroecuador and Ancap from Uruguay agreed to exchange oil for fuel as Quito does with Venezuela and Chile, reported on Tuesday the company's president of Ecuador, Luis Jaramillo. Petroecuador will supply up to 360,000 barrels of oil a month for two years while ANCAP will deliver diesel and high octane gasoline for the same period, the official said in a statement without specifying the dispatch shipments Uruguayan entity.

"One of the strategies for the sale of Ecuadorian crude oil was to establish alliances with Latin American countries that require our oil, to diversify the markets for our oil to compare prices and choose the best option," said Jaramillo.

Petroecuador also exchanged for fuel oil with Venezuela's PDVSA and Chile's ENAP.

Ecuador, the smallest member of OPEC, exported about 505,000 bpd in 2009.

(www.observa.com.uy, 28 January 2010)