Ecuador: Pacific Refinery negotiations building funds from China, advancing.

WorldWide Tech & Science. Francisco De Jesús.

Ecuador: Pacific Refinery negotiations building funds from China, advancing.

Negotiations for China's participation in the Pacific Refinery , Ecuador and Venezuela plan to build, are being finalized and will convert the Chinese shareholders of the work, said Monday in Brasilia Foreign Minister of Ecuador. 

"They are virtually complete agreement" for China's participation in the refinery, as well as funding from that country to Ecuador, said Foreign Minister Ricardo Patiño.

 "In relation to the refinery in the Pacific, we are very happy to know a great willingness of China to participate in the financing, possibly as a shareholder," Patiño said, noting that "China is keen to petroleum." 

"We are hopeful that this participation actually materialize (in China) and we can begin construction firm in the coming months" of the refinery, Ecuadorian and Venezuelan initiative, he said. 

After a meeting with his Brazilian counterpart, Antonio Patriota, Patiño reported that the refinery was opened to participation by other countries and said there Brazilian companies interested in preparing the ground, referring to the big builders in the country.

 The plant, at a cost of about 10 000 million dollars, will have a capacity to refine 300 000 barrels of oil a day. There is still no date for the start of its operations. Through loans and advance sale of oil, from Ecuador to China, has found its main source of funding, after which in 2008 declared a moratorium on part of its external commercial debt, which repurchased at a discount.

Source: ElComercio Ecuador More information:refineria del pacifico