Ecuador to Sign Oil-Refinery Financing Deal With China

24 May 2014   Ecuador

After about three years of negotiations, the government of Ecuador is preparing to sign a financing deal with China, valued at about $7 billion, to finance a new oil refinery known as the Refineria del Pacifico, an official said. The $10 billion refinery will process 200,000 barrels of crude oil a day. Thirty percent of the funds needed will come from the project’s partners and the remaining 70% will be financed by a group of Chinese banks headed by the Ltd. An official close to the deal, who asked not to be named, said Friday that the government of Ecuador will sign the financing deal, the first tranche of which will consist of about $2.5 billion and will be disbursed soon. The official said a high-level delegation of officials from China have been finalizing details in Quito, and President Rafael Correa will announce the deal Saturday during his […]

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