China to invest in Ecuadorian power

After a meeting between president Rafael Correa of Ecuador and vice premier Hui Liangyu of China, the Ecuadorian government says it hopes to receive almost $US2 billion to finance a large hydroelectric plant, the Latin American Herald Tribune reported. China reportedly also is ready to help in the construction of an oil refinery.


China wants "to invest a lot in the country", Correa said in weekend broadcast in which he noted the presence of several Chinese companies in Ecuador. "They’re ready to give us $1.7 billion in financing for Coca-Codo-Sinclaire", he said, referring to the country’s largest hydroelectric facility, in the Amazon region. "This is extraordinary news," Correa added, noting that some details remained to be worked out.


The president said China also was ready to take part in building the Pacific Refinery in the coastal province of Manabí. That project is being carried out by the state oil company Petroecuador and its Venezuelan counterpart, PDVSA.


Correa said the Chinese cooperation offer includes other sectors as well, such as the country’s roads.


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