Ecuador Expects $9 Bln In Chinese Loans for Pacifico Refinery

The 200,000 barrel-per-day Pacifico Refinery is being developed by a consortium of state-run oil firms including Petroecuador, Venezuela's PDVSA, and China's CNPC. Operations are expected to begin in 2017.

An initial loan of $2 billion will go to Petroecuador and will be signed by August, Strategic Sectors Minister Rafael Poveda told reporters during a meeting with foreign correspondents hosted by President Rafael Correa.

The second loan, for $7 billion, will be signed by September and granted to the consortium, Poveda said.

The Industrial and Commercial Bank will provide the funds, he said, but declined to offer details on the terms of the financing.

PDVSA and CNPC will make investments based on their respective ownership of 19 percent and 30 percent. The total cost of the facility, located near Manta on Ecuador's Pacific coast, is seen at $10 billion.

（petroleumworld.com  Edited by Topco）