Ecuador, China advance refinery plans

25 Jan 2014   Ecuador

China National Petroleum Corp. (CNPC) and the Ecuadorean government have reached an agreement regarding cooperation in a plan to construct a long-delayed refinery on Ecuador’s Pacific Coast ( OGJ Online, Feb. 4, 2008 ). On Jan. 21, Ecuador’s Vice-President Jorge Glas and CNCP Chairman Zhou Jiping reached a joint-approval of the feasibility report for the Refineria del Pacifico (RDP), according to a release from Ecuador’s government. During a second meeting on Jan. 23, Glas further solidified the deal with representatives of Industrial and Commercial Bank of China, who expressed an interest in handling financing for CNPC in the refinery project , Glas said. This latest arrangement, for which no official financial details have been disclosed, follows the signing of June 2013 of a framework agreement between Ecuador and CNCPC on integrated cooperation in developing RDP. While no firm timetable was available regarding final funding for RDP, once realized, the […]

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