Ecuador needs $500 mln in oil investment – minister

Ecuador’s oil industry needs at least $500 million of investment to bring its aging infrastructure up to scratch, Ecuadorean Economy Minister Magdalena Barreiro said on Friday.

State-owned oil producer Petroecuador lacks funds and its oil industry has attracted little foreign investment in recent years.

…“The lack of production is not down to a lack of oil, but because of a lack of investment,” Barreiro said.