India might buy more crude oil, critical minerals from Ecuador
What's the story
Ecuador is in talks with India to increase the supply of crude oil, copper, and critical minerals. The South American nation's ambassador to India, Fernando Buchelli, said they are also looking at importing medical products from HLL Lifecare Ltd, a state-run company. The proposed plan includes inviting Indian companies to invest in these sectors in Ecuador.
Energy partnership
Ecuador's oil production and exports
Ecuador is home to the world's 18th-largest crude oil reserves, with 8.273 billion barrels.
The country has been an oil producer since 1973 and is producing and exporting oil at a rate of 100 million barrels per day.
Buchelli emphasized that Ecuador is not just a business destination but a "real partner" for India in terms of supplying more oil and minerals, as well as buying products from India.
Mineral exploration
MoU for cooperation in minerals and copper
Ecuador is also exploring new oil reserves and is willing to supply copper as well.
Buchelli said that as a major economy, India would need more copper and rare minerals for its high-tech development.
He also revealed that they had met with India's Ministry of Mines to negotiate an MoU for cooperation in these areas.
Health cooperation
Agreement with India's health ministry
Ecuador is also looking to sign a broad agreement with India's health ministry for the purchase of products from HLL Lifecare.
Despite being a small portion of India's total pharmaceutical exports, Ecuador imported $46 million worth of products from India in FY26.
HLL Lifecare manufactures condoms, sanitary napkins, re-hydration salts, among other medical supplies.