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Latin America Investment News on Viva Tropical

Ecuador and China Partner in Pacific Oil Refinery

Article Summary:

Ecuador signed a Letter of Intent with senior representatives of the Industrial and Commercial Bank of China and the National Oil Corporation of that country to finance a Pacific Oil Refinery. The Pacific Coast refining complex is located between Cantones de Manta and Montecristi and has an estimated cost of $12 million dollars and will begin operations in 2016.

Photo Credit: Prensa Latina

Original Article Text From Prens via Google Translate :

Ecuador and China Sign Document on Pacific Refinery

Ecuador signed a Letter of Intent with senior representatives of the Industrial and Commercial Bank of China (ICBC) and the National Oil Corporation of that country (CNPC) to finance the Pacific Refinery.

The information disseminated today by the public agency states that the ICBC Andes is the largest bank in China and the world in terms of market capitalization, and CNPC has a presence in 29 countries in Africa, Asia, South America and Middle East.

The letter of intent expresses the will to get financing for construction of Eloy Alfaro Pacific Refinery, located between the cantons of Manta and Montecristi, at an estimated cost of 12 million dollars and begin operations in 2016.

Represents the most important strategic project Ecuador to build on the Pacific Coast refining complex of 300 million barrels of capacity, the source said.

This project is designed through a strategic alliance between Venezuela’s PDVSA companies (49 percent) and Petroecuador (51 percent), with deep conversion technology, required for production of gasoline, distillate, LPG ​​and chemical bases.

The document was signed by the Ecuadorian Minister of Strategic Sectors, Jorge Glas, representing the government and Chinese officials Wang Dongjin, vice president of CNPC, and Yang Kaisheng, president of ICBC. By tracking done by the Embassy of Ecuador in China and the Trade Office in Beijing was able to arrange a visit to the country of representation at the highest level of these institutions.

The CNPC is the largest oil corporation in China and one of the leading service providers in the world of oil fields, and contractor business projects covering oil exploration and production, natural gas and pipelines.

Link to Original Article:

From Prensa-Latina

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