Ecuador signs MOU with UAE to pave way for oil purchases

​Ecuador ​on Thursday ‌signed a memorandum ​of understanding (MOU) with the ‌United Arab Emirates that paves the way for state oil company ‌Abu Dhabi National Oil Company (ADNOC) ‌to purchase oil from the South American country's state oil firm, ⁠Petroecuador.

"It ​establishes ⁠a roadmap for ADNOC to ⁠purchase Ecuadorean oil in the medium ​and long term and ⁠to develop joint marketing schemes that ⁠will ​allow Ecuador to access refined fuels directly, bypassing ⁠intermediaries," the Ecuadorean Ministry of Environment ⁠and ⁠Energy said in a statement.