Ecuador calls for change in Opec rules

Ecuadorian Finance Minister Fausto Herrera, on a short visit to Qatar, met Finance Minister H E Ali Sherif Al Emadi and discussed issues of common interest and making amendments to Opec rules to give access to the non-member Opec states in their development programmes.

Algeria, Indonesia Nigeria and Venezuela have joined President Rafael Correa’s initiative for changing Opec rules and regulations and permitting poor countries to join the bloc for financial support for necessary projects, Herrera told the media. “We are studying areas of mutual interest for investments. Ecuador is working on raising $500m through sovereign bonds. As per the country’s laws such funds can only be used in public sectors such as hydro electric energy projects and highways,” he added.

Source: The Peninsula