Ecuadorian Ministry of Mines and Oil signs agreement to finance environmental study

(Quito, December 12, 2008).- The Andean Development Corporation and the Ecuadorian Ministry of Mines and Oil signed a non-reimbursable technical cooperation agreement to finance a strategic environmental and social evaluation project aimed at minimizing the environmental impacts caused by construction of the Pacific Refining and Petrochemical Complex (CRPP).

The study will determine the most critical aspects, vulnerable areas, guidelines for management, and the scale of the associated investments. In addition to Manabi Province (where the Refining Complex will be built), the project covers other coastal provinces such as Esmeraldas, Los Ríos, Santa Elena, and Guayas, where oil and multi-product pipelines and water systems related to CRPP are located.

The project is to be executed over six months and the funds will be used for contracting an interdisciplinary team, consulting workshops and dissemination of the results.

CAF maintains an important commitment to the environment as part of its institutional mission of promoting sustainable development and regional integration, by generating specific strategies and defining programs and initiatives, through development of innovative financing schemes which increase investment in the environment in the countries of the region.