China approves Sino-Venezuela mega refinery in Guangdong

22 January 2010 10:01  [Source: ICIS news]

SHANGHAI (ICIS news)--China has given its initial approval to China National Petroleum Corp (CNPC) and Petreleos de Venezuela, SA (PDVSA) on building a 20m tonne/year refinery in Guangdong province, an official at the National Development and Reform Commission (NDRC) said on Friday.

The approval paves the way for the joint venture partners to conduct preliminary studies on the project, the official said, in Mandarin.

The official declined to say whether the project would include any downstream petrochemical plants.

Initial investment for the refinery to be located in Jieyang city was pegged at yuan (CNY) 58.5bn ($8.57bn), according to sina.com, China’s largest news website portal.

Future development of the project would include a cracker, sina.com reported, citing unnamed government sources.

State-owned CNPC would hold a 60% stake in the project, while Venezuelan PDVSA would own the remaining 40%, sina.com said.

CNPC could not be reached for comment.

($1 = CNY6.83)

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By: Judith Wang
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