Ecuador’s president has agreed to renew the operating concession for the local unit of mobile phone giant America Movil.

Ecuador’s National Telecommunications Secretary Jamie Guerrero says America Movil’s local unit, Porta, is willing to pay the price requested by Ecuador’s government to continue operating in the country for 15 years.

Guerrero says the decision came Monday as America Movil President Daniel Hajj Aboumrad met with President Rafael Correa. It must still be approved by Ecuador’s national telecommunications commission.

Ecuador had sought US$480 million (euro310 million) for the concession, although Guerrero did not confirm its final price.