-- 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