Ecuadorean Vice President Jorge Glas announced on Saturday that China National Petroleum Corporation (CNPC) has agreed to help finance the construction of a US$12 billion refinery project in Quito, Ecuador, Reuters reported. The Pacifico refinery, which is expected to start production in 2017 at a rate of 300,000 barrels per day, is a joint venture between Ecuador and Venezuelan state oil company PDVSA. CNPC sought funding for the project from Industrial and Commercial Bank of China last year. Ecuador, the smallest member of OPEC, hopes the refinery will cut domestic fuel costs.
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