ONGC plans $2.5-bn refinery in Ecuador

"ONGC has shown interest in constructing 200,000 barrels per day refinery in Ecuador which will cost $2.5 billion dollars," Ecuador's Energy Minister Eduardo Lopez Robayo said in New Delhi [ Images ].

Lopez said his country had faith in ONGC's technical and financial capability but added that the Indian state-run firm will have to bid for the project for which Japanese, Chinese and Norwegian companies were also in fray.

ONGC has also evinced interest in bidding for some of the eleven oil and gas exploration blocks Ecuador is putting up for auction in May, he said.