Ecuador Economy Minister Diego Borja policy Monday that negotiations with China is a two-year oil supply contract, Ecuador would receive one billion U.S. dollars in advance.
After the negotiated agreement, it will be the sixth this year to pen "loans-for-oil" agreement. Prior to China one after another with Russia, Venezuela, Angola, Kazakhstan and Brazil, the five countries signed a total of up to 45 billion U.S. dollars of "loans-for-oil" agreement. Under these agreements, the next 15-20 years, China will be the country's oil to provide loans in exchange for about 30 million tons per year of crude oil supply.
Borja said that one billion U.S. dollars is a down payment on the sale of oil. Ecuador plans to level the day of oil daily supply of 96,000 barrels per day in China for a period of 24 months.
Jul. 21, 2009
