Chinese CNPC, Ecuador vice-president discuss joint projects

January 23, 2014

On January 21, a delegation headed by Jorge Glas, Vice President of Ecuador, paid a visit to CNPC and was warmly welcomed by CNPC Chairman Zhou Jiping, CNPC’s press service reported on January 22. The two sides exchanged views on the progress of existing cooperation projects and enhancing oil and gas cooperation in the future.

According to Mr. Zhou, CNPC entered Ecuador in 2005, and the Andes Project in Ecuador holds a very important position in the company's operation in Latin America. CNPC is willing to expand cooperation with Ecuador based on this solid foundation. In June 2013, CNPC and its Ecuadorian counterpart signed a framework agreement on integrated cooperation in the Pacific Refinery. Mr. Zhou hopes that, with the support of His Excellency Jorge Glas, the agreement would come into force as soon as possible and the cooperation between the two sides in the upstream sector will be expanded.

Mr. Glas said that the Pacific Refinery will play a significant role in promoting Ecuador's economic development. The Ecuadorian Government will do its best in helping solve problems of the project and urging the signing of relative agreements to accelerate cooperation progress. He also expressed that Ecuador looks forward to having more opportunities to cooperate with CNPC.

Prior to the meeting, CNPC Vice President Wang Dongjin had an in-depth discussion with Mr. Glas. They have reached consensus in several issues including the approval of the feasibility report of Pacific Refinery, establishing a joint venture, financing, taxation, and project management, as well as expanding upstream cooperation.

Source: CNPC, 2014