China, Colombia Agree To Boost Oil Cooperation

May 10, 2012
Colombia's Juan Manuel Santos and Chinese President Hu Jintao presided over the signing here Wednesday of nine agreements to boost cooperation in a range of industries, including the oil sector.

A pact that Colombian state oil company Ecopetrol inked with the Sinochem conglomerate and the China Development Bank invites the energy-hungry Asian country to participate in a pipeline project linking central Colombia to the Pacific coast.

"Ecopetrol was looking to expand the pipeline network toward the Pacific ... and we issued a call for bids from all interested parties, the Chinese included," the company's transportation vice president, Alvaro Castañeda, said after signing the accord with Sinochem Group President and CEO Liu Deshu.

"We're still in the preliminary and conceptual phase of the engineering development model and we're inviting any international players that want" to join the project, Castañeda said.

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