14 October 2007
In it's first major petrochemical investment since Peru’s Camisea Natural Gas project, the Inter-American Development Bank (IDB) will likely loan US$1.5 billion to Ecuador to help the country's state-owned oil company PetroEcuador.
Amidst fears of declining overall oil production, Ecuador will seek assistance from the Inter-American Development Bank (IDB) in the form a loan totaling US$1.5 billion, to boost the state-owned oil company, PetroEcuador, Dow Jones Newswires reported last week.
According to the firm's trade and finance manager, Miguel Teran, the first $500 million could arrive in the first quarter of 2008.
According to Teran, the IDB loan would be used to overhaul Petroecuador's oil infrastructure and also to finance new exploration projects, Dow Jones reported.
Sources