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CNPC, PDVSA to begin construction on USD 9.08bn refinery in China

April 27/2012

(refiningandpetrochemicals) -- State-run China National Petroleum Corp (CNPC) and Petroleos de Venezuela SA (PDVSA) will begin construction work late this month to build a new USD9.08bn refinery in Jieyang, China.

The 400,000 barrels-per-day (bpd) refinery will process Venezuelan heavy oil, thereby tripling oil sales from the South American nation to the world's second-largest oil user.

A CNPC planning official was quoted by Reuters as saying construction will take three to four years to complete.

CNPC will own 60% and PDVSA 40% respectively in the refinery project, which secured approval from China's environment watchdog and the state cabinet.

This will be the CNPC's second project, following the start up its 200,000-bpd Qinzhou refinery in Guangxi in 2010.

CNPC along with its partners Qatar Petroleum and Royal Dutch Shell are also considering a 400,000-bpd refinery and a 1.2 million ton-per-year ethylene complex in Taizhou in Zhejiang province.

China Petrochemical Corp, which operates refineries through China Petroleum and Chemical Corp, is a fuel supplier in China.

Author:Anna Larionova
Tags:oil, petrochemistry.
Category:General News
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