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November 27, 2009

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Home » Business » Energy

Oil bloc to be developed by JV

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.



 

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