Ecuador's Correa To Meet With China's Top Political Adviser
QUITO -(Dow Jones)- President Rafael Correa will meet Tuesday with China's top
political adviser, Jia Qinglin, Ecuador's Foreign Ministry said Monday.
In a press release, the ministry said Correa and Jia will discuss bilateral
relationships and projects, including the Coca-Codo-Sinclair hydroelectric
plant.
Ecuador has signed a contract with Chinese company Sinohydro for the
construction of the $1.97 billion Coca-Codo-Sinclair plant. Sinohydro will
finance 85% of the construction, through the Bank of China, while Ecuador's
government will finance the remaining 15%.
In July, Ecuador's state-run oil company, Petroecuador, signed an agreement
with China to sell crude oil to state-owned PetroChina Co. (PTR). Ecuador
received an advance payment in August of $1 billion from PetroChina, which will
buy Oriente and Napo crude oil for two years.
Recently, Minister of Economic Policy Diego Borja said Ecuador and China had
suspended negotiations for a loan of $1.0 billion because of certain conditions
that China wanted to impose.
Jia is the fourth-ranking member of the Politburo Standing Committee of the
Communist Party of China and chairman of the National Committee of the Chinese
People's Political Consultative Conference.
-By Mercedes Alvaro, Dow Jones Newswires; 59-39-9728-653; mercedes.alvaro@
dowjones.com
(END) Dow Jones Newswires
11-23-091412ET
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