CNPC and PDVSA reactivate 400,000 bbl/d refinery project (China)
Chinese state-run oil and gas company CNPC (China National Petroleum Corporation) and its Venezuelan counterpart PDVSA (Petróleos de Venezuela) have reactivated a joint venture (JV) for the development of a 400,000 bbl/d refinery project in Nanhai (Jieyang prefecture, Guangdong province, China). The project is now slated to be operational in 2021 for a total construction cost estimate of US$9.53bn.
CNPC will make up 60% of the investment and the ownership while PDVSA will own the remaining 40% of the project. The refinery was planned more than a decade ago but the investment decision has been hindered due to the declining crude oil production in Venezuela.
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