|
Sinopec to Invest Up to $1.1b in Ecuador JV
Sinopec International Petroleum, a subsidiary of China Petroleum & Chemical Corporation (Sinopec) (NYSE:SNP, 600028.SH, 0386.HK), intends to invest between $1 billion and $1.1 billion to set up a joint venture to explore an Ecuadorian oil field with state-owned Petroecuador, ce.cn reported November 26.
Petroecuador is expected to hold 60% stake in the venture while Sinopec will take the remaining 40%, the report said. Ecuador currently produces 500,000 barrels of crude oil per day, said the report.
|
