Ecuadorean President Rafael Correa said that China could fully finance the USD 13 billion Refineria del Pacifico, a joint project between Ecuador and Venezuela’s state oil companies.
“China is very interested in financing practically all,” Correa said.
According to Correa, China has a surplus in liquidity but a shortage in oil for its consumption, while Ecuador has surplus in oil but needs liquidity, so the operation is attractive for both parties.
Refineria del Pacifico, a refining and petrochemical complex, will be 51% owned by Ecuador’s state-run Petroecuador and 49% owned by Venezuela’s state-run Petroleos de Venezuela, or PdVSA.
Correa also said his Minister Coordinator of Strategic Sectors, Jorge Glas, has traveled to China to negotiate the financing.
Refineria del Pacifico will include a refinery to process 300,000 barrels of oil per day, a basic petrochemical plant to produce benzene, xylene and polypropylene as well as on- and offshore marine facilities.
The project, located in the coastal province of Manabi, is scheduled to go on line in 2016.