Ecuador wants to buy Iranian fuel for $400 million in the light of the EU embargo and US sanctions, RIA Novosti reports.
President of the Central Bank of Ecuador Pedro Delgado said that negotiations continue. President of Ecuador Rafael Correa and President of Venezuela Hugo Chavez have good ties with Iranian President Mahmoud Ahmadinejad. The latter has visited the South American states in January.
Ecuador plans to join development of the Dobokubi Field with Venezuela and Iran at the Orinoki River in Venezuela. Venezuela is a member of OPEC. Its largest refinery will be closed in October.
The US, Israel and a set of other Western states accuse Iran of developing nuclear arms on the background of peaceful atom. Tehran denies all accusations and insists that the nuclear program is to fulfill demands for electricity. The UN Security Council has passed four resolutions on Iran.
The EU banned oil imports from Iran on July 1.
The Joint Organizations Data Initiative said that Iran reduced oil exports from 1.905 million barrels in April to 1.88 million in May.
