Iran to export oil products to Ecuador

TEHRAN,May 26(MNA) - Iran has signed an agreement with Ecuador to supply it with oil products during 2012 and 2013, the Ecuadorian Minister of Foreign Affairs, Trade and Integration, Ricardo Patino, said Thursday. The agreement was signed in Tehran on Wednesday by Patino and Iranian Foreign Minister Ali-Akbar Salehi. Iran has earmarked a $400 million credit for the supply of petroleum products, the report said, but didn't provide more details. The Ecuadorian Foreign Ministry also said that Iran reduced tariffs for seven Ecuadorian products, including roses and tuna. In a separate meeting with Iranian Energy Minister Majid Namjoo, the Ecuadorian official said Iran will construct a hydro power plant in Ecuador. “Iran and Ecuador have agreed to implement some projects which will be followed up by a joint committee composed of the two countries' ministers of energy and housing," he said.