Ecuador to sign financial deals with Chinese bank for oil refinery

Ecuador to sign financial deals with Chinese bank for oil refinery
EBR Staff Writer
Published 09 June 2014

Ecuador is planning to sign two financing deals with the Industrial and Commercial Bank of China, totaling $9bn, in the coming months for the new oil refinery construction, a top government official said.

A consortium of state-run oil companies including Petroecuador, PDVSA, and CNPC are developing the 200,000 barrel-per-day Pacifico refinery, which is scheduled to be operational in 2017, Reuters reported.

During a meeting with foreign correspondents hosted by Ecuador President Rafael Correa, Strategic Sectors Minister Rafael Poveda told reporters that an initial loan of $2bn will be signed by August and will go to Petroecuador.

Whereas, the loan for $7bn is expected to be signed by September and granted to the consortium, Poveda added.

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http://refiningandpetrochemicals.energy-business-review.com/news/ecuador-to-sign-financial-deals-with-chinese-bank-for-oil-refinery-090614-4287692