The Iranian and Ecuador's officials in Tehran on Saturday evening singed a letter of understanding on cooperation in the upstream and downstream oil industry and on training manpower. The letter of understanding was inked by Iran's Oil Minister Gholam-Hossein Nozari and Ecuador's Minister of Mines and Petroleum Galo Chiriboga Zambarno, according to a report of Iran's news agency "IRNA". Delivering a speech during the ceremony in which the accord was signed, the Iranian oil minister said Iran's oil industry enjoys 100-year scientific and experimental activities. The Iranian projects are being carried out by the Iranian experts and specialists, he added. He said Iran's current crude production is 4.3 million barrels a day and its natural gas production stands at over 500 million cubic meter a day. On his part, the Ecuador minister expressed his satisfaction with his current visit to Tehran and his visit to Tehran refinery. Zambarno stressed that Iran and Ecuador are to further bolster their economic ties through establishment of a joint company.
