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CNPC and the Ecuadorean government have reached an agreement regarding cooperation in a plan to construct a long-delayed Refineria del Pacifico (RDP) on Ecuador’s Pacific Coast.

Ecuador’s Vice-President Jorge Glas further solidified the deal with representatives of Industrial and Commercial Bank of China, who expressed an interest in handling financing for CNPC in the refinery project.

No scheduled has been released regarding the funding of the project.

Once completed,  the refinery project will be a significant step in utilizing Ecuador’s oil production domestically to reduce the country’s dependence on petroleum product imports.

Under the June 2013 agreement, CNPC said it will take a share in the construction of RDP as well as participate in the exploration and development of Ecuador’s upstream resources.

The RDP began as a joint-development between Ecuador (51%) and Venezuela (49%), but has faced a series of financial and political setbacks since its inception in 2007. Both countries sought foreign companies to both bid on and provide 70% of financing for the refinery’s construction.