OREANDA-NEWS. April 15, 2013. Sinochem Group Vice President Zhang Wei Met with Minister of Non-renewable Natural Resources of Ecuador

Mr. Zhang Wei, Vice President of Sinochem Group and General Manager of Sinochem Petroleum Exploration & Production Co. Ltd., met with Mr. Wilson Pastor, Minister of the Ministry of Non-renewable Natural Resources of Ecuador, Mr. Jose M. Boria, Ecuadorian Ambassador in China and their entourage.

Mr. Zhang introduced to the guests various business modules of Sinochem Group, especially the development of the energy business. He said that Sinochem Group attached great importance to local investment projects and also hoped that the Ecuadorian government would further strengthen its support for investors in petroleum and gas. Mr. Wilson Pastor said that as a large company with international presence, Sinochem Group had operated in the petroleum and gas industry of Ecuador for almost ten years. Ecuador needed and also welcomed enterprises like Sinochem Group to expand their investment in Ecuador.

In the talks, both parties fully discussed the existing cooperation and potential cooperation opportunities and expressed their willingness to strengthen exchanges and achieve mutual benefits and win-win results.

In 2003, Sinochem Group acquired CRS in Ecuador and obtained 14% equity of Block 16 in Ecuador, which is now under steady production.