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03.05.2012

CNPC, Venezuela Joint Refinery Set For 2014 Opening

China National Petroleum Corp said on Wednesday that its Guangdong-based mega joint refinery with Venezuelan partner Petroleos de Venezuela SA started construction last Friday and is set to open by the end of 2014.

The 58.6-billion-yuan ($9.3 billion) project, in which CNPC will hold a 60 percent stake and the PDVSA will hold the remaining 40 percent, has a designed annual processing capacity of 20 million metric tons, or 400,000 barrels a day, making it the country's biggest integrated refining complex ever built at once.

The project will process Merey-16 heavy oil from Venezuela, China's fourth-biggest crude oil supplier in the first quarter. It will mainly produce gasoline, diesel and jet fuel, CNPC said.

The project is a new cross-border cooperation model for Chinese oil companies, one that will guarantee the raw material supply for the new refinery, said Lu Ying, a senior analyst with oil market service provider oilgas.com.cn.

Copyright 2012, China Daily. All rights reserved.

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