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Huge Oil Refinery Plan With Venezuela

PETROCHINA Co and Venezuela will build a refinery in Guangdong Province that will rival the biggest Chinese oil-processing plant by capacity as the two nations reinforce their energy ties.

PetroChina, the country's largest oil company, will "further realize" the agreements with Venezuela on the 400,000 barrel-a-day refinery when energy officials from the South American nation visit Beijing this month, Chairman Jiang Jiemin told Bloomberg News yesterday. The capacity will match the size of China Petroleum & Chemical Corp's plant in Zhejiang Province.

Venezuela and China plan to boost oil production from their joint ventures in the South American nation by more than tenfold in the next six years to 1 million barrels a day. China's oil and natural-gas shortages will persist in the "long term," Jiang said on January 12.


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