Ecuadorian oil goes to the Chinese economy, the payment – in advance

Ecuador signed a contract to export crude oil to China, will receive a $ 1 billion in advance payments.

State company Petroecuador has signed a contract for two years with Chinese state company Petrochina International Company Ltd. The Member State of trust has agreed to export nearly 3 million barrels per month crude oil to China, reported in the statement. Pre-paid $ 1 billion is almost 28% of the total value of oil to be exported to China. In Ecuador in May produced 485 000 barrels per day crude oil.

Country to negotiate a loan of $ 1 billion in China. The aim is to bring liquidity in the economy after the fall in export earnings in the first half of the year, which created a need for alternative funding.

Chilean state energy company ENAP announced last week it signed a contract with Petroecuador for the supply of 10 million crude oil barrels per year.

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BGNES
Finance