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Ecuador signs contract to export oil to China

Ecuador signs contract to export oil to China

Write: Delbert [2011-05-20]
QUITO, July 23 - Ecuador has signed a deal to export crude oil to China for which the Andean country is going to receive $1 billion as an advance payment, state-run Petroecuador said on Thursday.

Ecuador will receive the $1 billion in the first week of August, Petroecuador said in a statement.

The OPEC-member country has agreed to export nearly 3 million barrels a month to China for the next two years.

Petroecuador said that the $1 billion represents approximately 28 percent of the total value of the oil that Ecuador has agreed to export to China.