CHINA & ECUADOR: OIL DEAL
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 Industrial & Commercial Bank of China Ltd.
An official close to the deal, who asked not to…
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