PDVSA and PetroChina launch refinery project

Chinese oil major PetroChina and Venezuela’s state oil company PDVSA have signed an agreement to co-develop a refinery in China’s Guandong province. The Nanhai refinery is to have a capacity of 500,000 b/d when it begins operations in early 2015. It will process heavy oil from Venezuela’s Orinoco belt.

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