Large #PdVSA #Petrochina #Refinery in Guangdong Approved by #Chinese Government
Petrochina, owned by CNPC, the second largest refining company in Asia, is proceeding with its latest diversification strategy—plans for the joint venture between Petrochina and national oil company Petróleos de Venezuela (PdVSA) have been approved by the Chinese government. The formal announcement was made recently on April 15. The building of the 400,000 b/d facility will also be crucial for Venezuela as an opportunity to expand crude exports to China and expand and improve the economic ties between the two nations. PdVSA is set to supply most of the crude feedstock to this new refinery.
This newest facility will also act to expand Guangdong province as a refining hub within China, thus expanding the country’s needed refining capacity to keep up with demand. Currently, the number one refining power in Asia, Sinopec, has a major presence in the province, but this newest plant will be a new foothold for CNPC within Southern China. An estimated RMB58.5bn or US$9.29bn will be jointly invested to develop this refining project.
Hear more on how such partnerships are formed. Join Asia Refining Congress in Singapore on 17 September to learn how Petrobras, Shell, Reliance and Chevron are expanding their partnerships and managing their refining businesses. For more information about this high-impact, strategic event, visit: www.terrapinn.com/conference/asia-refining-congress or contact Alison Hazell at email@example.com .