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Ecuador Political News

8/18/09 – China advances $1 billion to Ecuador for two-year oil supply news

“China advances $1 billion to Ecuador for two-year oil supply news, August 18, 2009

“China is making a forward payment of $1 billion to OPEC member Ecuador for a two-year oil supply deal and to provide the Andean nation with a $1-billion loan to overcome its liquidity crisis. In order to secure long-term access to oil, China will make an advance payment of $1 billion to Ecuador for 69 million barrels of oil over the next two years.”
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