PDVSA and ENI plan to invest $17bn in two joint ventures to develop heavy-oil projects. PetroJunín, dedicated to the development of Junín 5 Block, located in the Orinoco Oil Belt some 550 km south east of Caracas, and PetroBicentenario, dedicated to the construction and operation of a refinery in the area of the existing industrial coastal complex of Jose. The participation in both Mixed Enterprises will be PDVSA 60% and Eni 40% according to the terms of the new hydrocarbon law of the Bolivarian Republic of Venezuela. The companies plan to achieve an early production phase of 75,000 barrels per day with first oil expected by 2013 and a long term production plateau of 240,000 bbl/d to be reached in 2018. The new refinery will have a capacity of 240,000 bbl/d plus the ability to process additional volumes of approximately 110,000 bbl/d of intermediate streams from other PDVSA facilities.
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