China fulfilling global ambitions - with loans and strings attached
Tue, Jul 28, 2015 - 5:50 AM
PetroChina and Sinopec together pump about 25 per cent of the 560,000 barrels a day produced in Ecuador. Along with taking the bulk of oil exports, the Chinese companies also collect US$25 to US$50 in fees from Ecuador for each barrel they pump.
El Chaco, Ecuador
WHERE the Andean foothills dip into the Amazon jungle, nearly 1,000 Chinese engineers and workers have been pouring concrete for a dam and a 24km underground tunnel. The US$2.2 billion project will feed river water to eight giant Chinese turbines designed to produce...