Ecuador Taps China for $2 Billion in Deal Backed by Oil Sales
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Ecuador, the serial defaulter that used half its gold reserves this year as collateral for a loan from Goldman Sachs Group Inc., pledged $2 billion of future oil production to China for additional financing.
The OPEC-member country disclosed the China deal in an offering circular to bond investors last month. Under the May agreement, Unipec Asia Co., a unit of China Petroleum and Chemical Corp., known as Sinopec, prepaid for oil from PetroEcuador over an unspecified timeframe.