Latin American nation of Ecuador and China have decided to set up a joint venture to develop oil fields in Ecuador’s Amazon region.

According to Ecuador’s Energy Ministry, the state-owned petroleum firms
of Ecuador and China will set up the joint venture that will cost China
around $1.1 billion.

The Joint Venture, which will be 60 percent held by Ecuador and 40
percent by China, will explore and drill in the Oglan block in the
Ecuadorian jungle, said the ministry.

Ministry said that the establishment of the JV will help the country develop its oil industry.

China, the second-largest oil consumer after the U.S., imported 19.3
million tons of crude oil in October, 20% more than in the same period
of last year.

In the first ten months of this year, China’s crude oil imports were
165 million tons in total, up 9.4 percent from a year earlier.

Source: Commodity Online

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