China invests $1.2 billion in Ecuador's Ishpingo-Tambococha-Tiputini (ITT) oil field

China invests $1.2 billion in Ecuador's Ishpingo-Tambococha-Tiputini (ITT) oil field A MOU was signed between Sinopec and Ecuador's Petroecuador in 2007 regarding the drilling of a portion of Yasuni national park.

From 13-29 March 2009, China and Ecuador committed to negotiations for a commercial loan of $1.2 billion from the CDB over CNPC's development of the Ishpingo, Tambococha and Tiputini oil fields (ITT) and Block 31.

Similar deals have around a 7% interest rate.

The CDB will provide the loan to the Ministry of Finance who then will pass it on to their designated Ecuadorian firm in this case PetroAmazonas who was granted a permit to work a portion of ITT in 2014.

PetroChina is a listed company controlled by China National Petroleum Corporation (CNPC), owned by the Chinese state, and Andes Petroleum is a joint venture between CNPC and another state-run Chinese firm CNPC's role is unclear because there is no mention of Block 31 or ITT on their global operations website which outlines where they are active.

Significant environmental controversy means poor transparency on project details. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.