Refineria del Pacifico-CEM will begin talks with investors to arrange financing for the construction of a new refinery in Ecuador, The Wall Street Journal reports. The joint venture of Ecuador’s state-run Petroecuador and Venezuela’s state-run Petroleos de Venezuela has estimated the total cost of the refinery to be between $10 billion and $12.5 billion.

Companies from Canada, China, South Korea and France are interested in the project, said project manager, Carlos Proano. Deutsche Bank, the China Import-Export Bank and South Korea’s SK Engineering and Construction are interested in providing financing for the refinery. Refineria del Pacifico has injected nearly $335 million in the refinery and may invest $400 million for engineering studies.

Click here for the story from The Wall Street Journal.