Bai Lichen, vice-chairman of the National Committee of the Chinese People's Political Consultative Conference (left) meets Ecuador's President Rafael Correa (photo: dpa)

Ecuador’s shrewd oil deals disprove ‘Chinese colony’ claims

Far from being turned into a neo-colony, Ecuador has used oil deals with China to earn cheap credit, which has enabled it to re-enter international markets on favourable terms. Its sovereignty has not been compromised; Beijing’s loans look more like an attempt to buy goodwill from Quito than any form of economic imperialism. Ecuador has skilfully exploited what Beijing is offering. .

THERE has been a spate of news stories over the past year alleging that China has taken control of the Ecuadorean oil industry.

The articles often go beyond that, stating that Beijin...

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Dr. Noel Maurer
PetroChina and the CDB were granted the right to seize PetroEcuador’s receivables in the event of non-payment, but that is standard in many commercial loan contracts
read more about it in the report
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