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Article: China: Ecuador in $1bn oil deal with China.
- Article from:
- TendersInfo
- Article date:
- August 18, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
Ecuador has reached out to China to ease its liquidity crisis, signing a deal to supply the energy-hungry nation with 69m barrels of oil over the next two years in return for a $1bn advance payment.
China is also offering a $1bn loan, according to comments by Fander Falconi, foreign minister, reported in Ecuadorean Hoy, a local newspaper.
The leftist administration says it has paid $900m to repurchase about 91 per cent of the Global 2012 and 2030 bond issues, a deal that weakened its already strained relations with foreign investors and multilaterals.
The Andean Development Organsation (CAF) and the Latin America ...