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2014-05-24 18:20:00

CHINA & ECUADOR: OIL DEAL

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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Tags: CHINA, ECUADOR, OIL

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