Ecuador expects to sign a deal with the Chinese government worth US$2 billion to finance the construction of an oil refinery on the country’s Pacific coast, The Wall Street Journal reported. A second loan of US$7 billion will be obtained from a group of Chinese banks led by ICBC (601398.HKG, 1398.SHA) by September. The entry of China National Petroleum Corporation as a 30% shareholder in the project will help to underpin the viability of the loans. Ecuador had been seeking Chinese funding for the six-year project since 2012, given a lack of funding from its Venezuelan partner.
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