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China, Venezuela joint refinery complex slated for start-up in late 2021

Gasoil News - Published on Fri, 07 Dec 2018

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Chinese financial publication Caixin reported that a joint-venture refinery and chemical project between China National Petroleum Corp and Venezuelan state oil and gas firm PDVSA has been reactivated and is expected to be operational in late 2021. The 400,000 barrels-per-day refinery, to be built in an industrial park in Jieyang in the southern Chinese province of Guangdong, will cost CNY 65.4 billion (USD 9.53 billion)in total investment

CNPC will make 60 percent of the investment and PDVSA the remaining 40 percent. The refinery is expected to start trial operation in October 2021 and the chemical complex in December 2021

CNPC, parent of PetroChina, first planned the mega project more than a decade ago, but the investment has been hindered and delayed by declining crude oil production in Venezuela, which is now under severe economic stress

China plowed more than USD 50 billion into Venezuela over a decade through oil-for-loan agreements that helped Beijing secure energy supplies while bolstering an anti-Washington ally in Latin America

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Posted By : Joykumar Irom on Fri, 07 Dec 2018
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