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Indian, Chinese oil companies look to invest in Ecuador, minister says

Reuters  |  NEW DELHI 

(Reuters) - company Videsh is looking at buying a stake in fields in and may also participate in an upcoming tender for the Intercampos blocks, Ecuador's minister said on Wednesday.

"We will be signing a confidentiality agreement with them (Videsh) in the following weeks and we will provide them with information in new blocks," he said on the sidelines of the International Energy Forum.

"They are (also) interested in partnerships with companies to take a share in the current production in certain fields over there," Perez said.

is looking for fields with a minimum 25,000 barrels per day of production, he said.

Videsh N K Verma said: "We had a good meeting with and we will explore possibility of expanding our footprints in We are already present in "

Ecuadorean crude is heavy in quality, suitable for processing at complex refineries in and the

The OPEC needs capital to replace reserves, revitalise production and overhaul refineries and terminals. But frequent contract changes have spooked big firms in recent years, contributing to an output decline.

Separately, Perez said (CNPC) which already has investments in Ecuador's upstream sector is also interested in downstream projects such as a 300,000 barrels per refinery.

The proposed plant will be a complex refinery capable of processing crude of 14 degrees produced at the Ishpingo, Tambococha and Tiputini (ITT) field located in a national park in the Amazon, he said.

CNPC could not be immediately reached for comment.

(Reporting by and Editing by Jane Merriman)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 19:39 IST
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