China-Venezuela Joint Refinery and Chemical Project to Start in 2021
Dec. 10, 2018
A joint venture for a refinery and chemical project between China and Venezuela has been reactivated and gearing up to start in 2021.
The 60-40 JV between China National Petroleum Corp and Venezuelan PDVSA has been revived and is estimated to kick off operations in late 2021. The refinery will be built in an industrial park in Jieyang, Guangdong, southern China, to produce 400,000 bpd. The total investment for the project will be CNY65.4 billion (USD9.53 billion).
The refinery is targeted to start the trial operation in October 2021, and the chemical complex will start in December of the same year.
Previously, the project received approval from the National Development and Reform Commission in 2012. However, the investment has been delayed as Venezuela ’s crude oil production declined.