Another try for the Pacific Refinery

Image: Expreso

The government undertakes a new journey so that the Pacific Refinery stops being the desired Ecuador’s largest work and become a real work. The long waiting its construction has had, officials said, will end in December. Vice President Jorge Glas will travel to China on Saturday to finalize an offer of financing. He explained during the last weekly address that the proposal is “very serious with a financial structuring.” He gave no details.

This offer is at least the third the work has received. The other attempts of Venezuela and China did not come to fruition. According to Glas, due to the economic situation.

Rafael Poveda, Coordinating Minister for Strategic Sectors, told Daily Expreso that in December last year, the refinery had an important advance. He explained, however, that the funding -that was “almost granted”- could not be obtained because China had, among other problems, a change of administration and economic setbacks. The mega-project did not advance.

After speculation and potential investors, Poveda said that negotiations with other stakeholders were resumed. He gave no details but announced they will not work with the initially interested investors. Ie, Petrochina.

The conditions will not change. Ecuador and Venezuela will continue as owners of the refinery. The potential third protagonist will be able to participate as a partner in the management and administration of the project.

Translated into English by Pierina Abad

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8708803&idcat=38269&tipo=2