President Rafael Correa starts an official visit to Iran in search for market investments in the oil and energy sectors.

With a delegation of near 100 ministers and businessmen, Correa will submit to his Iranian peer Mahmud Ahmadineyad six projects including oil exploration, production, residue processing and modernization of refineries.

Ecuador Foreign Minister Maria Isabel Salvador noted that the statesmen will talk offshore exploration, development of Panacocha oil field and the 31st block.

There are plans in mining and to set up a joint venture to boost hydro electrical projects to allow Ecuador meeting its electricity deficit.

Iran masters state-of-the-art satellite technology and Ecuador is seeking that kind of aid to exploit natural resources.

Salvador stressed that Ecuador would also try to promote its products in Iran, which has a 70 million population.

This visit implements a sovereign foreign policy to diversify international relations, especailly other areas, as Asia, the Middle East and Africa, overcoming past fears, prejudice and impositions, said the foreign minister.

Correa will meet with members of the local Chamber of Commerce, visit an automobile factory and a hydroelectrical plant.

He will also meet with Islamic Congress Speaker Ali Larijani, and Supreme Leader Ayatolah Seyed Ali Khameneyi.

President Correa is to return home Wednesday.

Source: http://www.plenglish.com/article.asp?ID=%7B8F5A4143-B239-4C71-9C25-1DF0AD384FD7%7D)&language=EN