Ecuador says Sacha oil field upfront payment not made-March 2024-www.financetom.com

Ecuador says Sacha oil field upfront payment not made

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

Ecuador says Sacha oil field upfront payment not made

Mar 12, 2025 5:51 AM

QUITO, March 12 (Reuters) - The deadline for a

Chinese-Canadian consortium to pay a $1.5 billion upfront

payment to Ecuador in order to develop the country's most

productive oil block has passed, the energy minister said on

Wednesday.

President Daniel Noboa, who is seeking reelection in April,

had said the consortium, made up of subsidiaries of Chinese

state energy giant Sinopec and Canada's New Stratus

Energy ( RDRIF ), had until Tuesday night to make the payment.

Previous page： Mahindra, Volvo among corporations pushing for fossil fuel exit at COP28 Next page： This bank will cut bonus if employees don't come back to work

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.

Show More Comments

Related Articles >

Mahindra, Volvo among corporations pushing for fossil fuel exit at COP28

Oct 23, 2023

Companies are increasingly committing to their own timelines for reducing their emissions, but many acknowledge that their ability to slow planet-warming CO2 emissions is contingent on faster action from governments.

This bank will cut bonus if employees don't come back to work

Nov 22, 2023

ANZ managers have informed their respective teams about the new policy this week in generic emails, reaffirming the bank's expectation that staff devote at least half their working hours in the office each month, afr.com reported.

IMF warns Europe against prematurely declaring victory over inflation

Nov 8, 2023

The Washington-based IMF said that cost of underestimating inflation’s persistence could be painfully high and result in another painful round of rate hikes that could rob the economy of a large chunk of growth.

Pakistan's national carrier resorts to flight cancellation owing to non-payment of dues

Oct 23, 2023

The airline, which was once considered the pride of Pakistan and was the first international airline to be given access to fly to Beijing, is said to be suffering millions in losses on a daily basis.