China now controls 90 percent of Ecuador’s oil exports

Posted on November 28, 2013 • Filed under: China, Ecuador, Oil

independent.ie reported that China’s aggressive quest for foreign oil has reached a new milestone — near monopoly control of crude exports from OPEC nation Ecuador. Last November, Marco Calvopina, the general manager of Ecuador’s state oil company PetroEcuador, was dispatched to China to help secure $2bn (€1.47bn) in financing for his government. Negotiations, which included committing to sell millions of barrels of Ecuador’s oil to Chinese state-run firms through 2020, dragged on for days. Mr Calvopina grew anxious and threatened to leave. Read Article

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