China, Ecuador move toward energy deal

China is close to inking a one-billion-dollar deal to receive Ecuadorian oil, President Rafael Correa said on Saturday.

"China has offered us initial capital worth one billion dollars for infrastructure projects, we are going to pay little by little with our oil," Correa said during a weekly television address.

The deal will be discussed this week and is expected to include "a fund worth one billion dollars from the Chinese development bank for the construction of roads, refineries, hydroelectric plants, ports and airports."

Ecuador -- the smallest member of oil cartel OPEC -- will pay in the medium and long term with crude supplies.

"China has a surplus of financial resources, but a deficit in natural resources, particularly hydrocarbons," Correa said.