Oil bloc to be developed by JV
November 27, 2009, Friday
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Print Edition
Print Edition
CHINA and Ecuador will form a joint venture to develop an oil bloc in the South American country that has proven reserves of 120 million barrels of crude.
Germanico Pinto, the minister of non-renewable natural resources, on Wednesday announced the creation of the joint venture between Ecuador's state-owned Petroecuador and China's Sinopec International Petroleum, a subsidiary of Sinopec Group. Petroecuador will hold a 60-percent stake in the joint venture, and Sinopec the remaining 40 percent.
Germanico Pinto, the minister of non-renewable natural resources, on Wednesday announced the creation of the joint venture between Ecuador's state-owned Petroecuador and China's Sinopec International Petroleum, a subsidiary of Sinopec Group. Petroecuador will hold a 60-percent stake in the joint venture, and Sinopec the remaining 40 percent.
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