China’s CNPC Considers Stake in $12B Ecuador Refinery

Law360, New York (July 20, 2012, 6:52 PM EDT) -- China National Petroleum Corp. and Ecuador are reportedly negotiating a deal for China’s largest oil producer to invest in the South American country’s $12.5 billion Refineria del Pacifico refinery project.

At a mining forum in Quito, Ecuador’s minister for strategic sectors Jorge Glas said he had met with a delegation from the Industrial & Commercial Bank of China Ltd. about the potential investments, according to the Wall Street Journal.

The bank and China National Petroleum Corp. earlier this year signed a letter of intent to secure...
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