Ecuador says upfront payment needed for Sacha oil deal not made

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QUITO : The deadline for a Chinese-Canadian consortium to pay a $1.5 billion upfront payment to Ecuador in order to develop the country's most productive oil block has passed, the energy minister said on Wednesday, seemingly scuppering the deal.

Petrolia, the only member of the consortium which has commented publicly on the deal, said it had no immediate comment.

The government has said it does not have the funds or the technology necessary to increase production at Sacha.

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Category: EconomyBusiness

Markets: SingaporeCanada

Topics: Block Deal Chinese Production Energy Consortium Contract Ecuador Payment Sacha Minister

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-12 @ 21:04:57 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 430 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 26920256

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