China will finance the Refinery of the Pacific

Yesterday, Rafael Poveda, Minister of strategic sectors, said during the event ‘Economic and productive challenges Ecuador 2013-2017’ that was held in Quito in the J. W. Marriot hotel, that the Pacific refinery will be funded with Chinese capital.

“A few weeks ago we signed a macro agreement with China’s largest state-owned company and China’s largest commercial bank, that allows us to be certain that 100% of the refinery already has funding, from the point of view that the Chinese State oil company will be partner of the refinery, will be a shareholder in the refinery and that China’s largest bank will lead the 100% financing “, said Poveda.

The official said that this project, which is being built in the province of Manabi, and which would be ready in 2016, requires approximately a $12 billion investment, and at the time the works are focused in earth moving, with an investment of $230 million and so far 35% is completed.

Poveda said that part of the project will be completed in December of next year and there is where the industrial plant will be installed.

Finally, the Minister indicated that currently they are managing the contracting process of the aqueduct that will bring the water required by the refinery.