China, Korea shows interest in Ecuador’s joint refinery project: CorreaJune 2nd, 2008 - 7:09 pm ICT by IANS
Quito, June 2 (IANS) Ecuador’s President Rafael Correa has said China and South Korea have expressed interest in investing in a joint petrochemical project undertaken by Ecuador and Venezuela, Spain’s EFE news agency reported. He said during a weekly radio programme Saturday that he met the representatives of the Venezuelan state-owned oil giant PDVSA last week to discuss the progress on the Refineria del Pacifico Project.
Correa and his Venezuelan counterpart, Hugo Chavez, plan to lay the refinery’s cornerstone July 7 in Manabi, a coastal province in western Ecuador.
The project has attracted “the interest of the Koreans and the Chinese”, Correa said, adding that the Asian nations would be an important market for the petroleum products produced by the refinery.
Refineria del Pacifico, with a capacity to process 300,000 barrels of crude per day, would allow Ecuador to meet the domestic demand for gasoline as well as for export.
He said the petrochemical complex would also produce urea, fertilizer and solvents.
Ecuador, which produces some 550,000 bpd of crude, is the fifth-largest oil producer in Latin America.
Fifty-five percent of its total production comes from the state-owned Petroecuador and the rest from around a dozen foreign companies that operate in the Andean nation.
Oil is Ecuador’s main export item and 35 percent of government spending comes from the revenues generated from its sale.
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- Ecuador to deliver $538 mn worth of oil to China - Dec 10, 2011
- Italian oil giant to invest $7 bn in Venezuela - Jul 16, 2011
- Ecuador seeks to hedge oil prices against drop - Jul 04, 2011
- Venezuela, China announce joint oil venture - Apr 20, 2010
- Ecuador's oil exports rise 43 percent - Oct 13, 2010
- Japan, South Korea plan big oil investments in Venezuela - Apr 30, 2012
- Ecuador, Uruguay launch oil-for-petrol initiative - Mar 04, 2010
- Venezuela, China sign oil, mining agreements - Dec 24, 2009
- Ecuador and Venezuela promote energy integration - Aug 30, 2008
- Mexican oil firm posts nearly $25 bn surplus in 2011 - Feb 01, 2012
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