CNPC Grabs Stake In $12.5B Ecuadorean Refinery Project

Law360, New York (July 8, 2013, 1:59 PM EDT) -- China National Petroleum Corp. has struck a deal to take a minority stake in a $12.5 billion oil refinery project in Ecuador, joining a joint venture of Petroecuador and Venezuela's Petroleos de Venezuela, according to a Saturday announcement.

CNPC will take a 30 percent stake in the Refineria del Pacifico project, which is being jointly developed by Petroecuador and PDVSA, Jorge Glas, Ecuador's vice president, said in a televised Saturday state report. Currently, Petroecuador owns a 51 percent stake in the project, while Venezuela's PDVSA owns...
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