Ecuador to start selling oil to China
State run oil company Petroecuador will deliver nearly $538 million worth of crude to PetroChina in 2012 in fulfillment of a cash-for-oil agreement, Seatrade Asia Online reports. Petroecuador is due to pay back a cash advance of $1 billion – released by the Chinese state-owned oil giant earlier this year as prepayment for future oil sales – in monthly installments of $44.8 million and will do so through oil shipments.?Under a broader contract, Petroecuador pledged to provide PetroChina some 71 million barrels of oil – equivalent to $6.4 billion at current prices – over a period of 30 months.
