A consortium of state-run oil companies including Petroecuador, PDVSA, and CNPC are developing the 200,000 barrel-per-day Pacifico refinery, which is scheduled to be operational in 2017, Reuters reported.

During a meeting with foreign correspondents hosted by Ecuador President Rafael Correa, Strategic Sectors Minister Rafael Poveda told reporters that an initial loan of $2bn will be signed by August and will go to Petroecuador.

Whereas, the loan for $7bn is expected to be signed by September and granted to the consortium, Poveda added.

Declining to provide details on the financing terms, Poveda said that Industrial and Commercial Bank will provide the funds.
Located near Manta on Ecuador’s Pacific coast, the refinery is likely to cost $10bn.

PDVSA and CNPC will also invest in the project based on their respective ownership of 19% and 30% respectively.