QUITO, Ecuador -(Dow Jones)- Ecuadorean President Rafael Correa said Saturday China could fully finance the $13 billion Refineria del Pacifico, a joint project between Ecuador and Venezuela's state oil companies.
"China is very interested in financing practically all," Correa said during his weekly media address.
According to Correa, China has a surplus in liquidity but a shortage in oil for its consumption, while Ecuador has surplus in oil but needs liquidity, so the operation is attractive for both parties. Correa didn't provide any detail.
Refineria del Pacifico, a refining and petrochemical complex, will be 51% owned by Ecuador's state-run Petroecuador and 49% owned by Venezuela's state-run Petroleos de Venezuela, or PdVSA.