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Uruguay, Ecuador to exchange fuels

(Xinhua)
Updated: 2010-03-03 10:38
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MONTEVIDEO - Visiting Ecuadorian President Rafael Correa witnessed on Tuesday the signing of a bilateral agreement to exchange petroleum and gasoline between Uruguay and Ecuador.

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"It is absurd to compete between countries," Correa said during a press conference in eastern Uruguay. "The agreement is a further step for the regional integration. If we need each other, we should cooperate."

Based on the agreement, Ecuador will give Uruguay crude oil that it can not refine in exchange for the same quantity of gasoline that Uruguay can refine but does not consume.

Under the agreement, the two countries will exchange 360,000 barrels of fuel in the coming months.
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