Correa: China, S. Korea Interested In Pacific Refinery
June 02, 2008
President Rafael Correa said China and South
Korea have expressed interest in supporting construction of
Refineria del Pacifico, a petrochemical project being undertaken by
Ecuador and Venezuela.
The Ecuadorian leader said during his weekly radio show Saturday
that he met last week with executives from Venezuelan state-owned
oil giant PDVSA to discuss progress on the project.
Correa and his Venezuelan counterpart, Hugo Chavez, plan to lay
the refinery's cornerstone on July 7 in Manabi, a coastal province
in western Ecuador.
The project has attracted "the interest of the Koreans and the
Chinese," Correa said, adding that the Asian nations' participation
would be "important because China is an immense market and we should
guarantee exports of (petroleum) derivatives produced by the
Refineria del Pacifico, with the capacity to process 300,000
barrels per day (bpd) of crude, will allow Ecuador to meet domestic
demand for gasoline and export the fuel, Correa said, adding that
the petrochemical complex would also produce urea, fertilizers and
Ecuador, the fifth-largest oil producer in Latin America, has
output of some 550,000 bpd of crude, with some 55 percent of that
production coming from state-owned Petroecuador and the rest from
about a dozen foreign companies that operate in the Andean nation.
Oil is Ecuador's main export product and revenues from its sale
finance about 35 percent of government spending.
Copyright 2008 Efe. All Rights Reserved.
Refinery of the Pacific
Refineria del Pacifico-CEM
El Aramo Ecuador