Engineering News

Venezuela, Ecuador Plan Pacific Coast Refinery Complex
Tuesday, July 15, 2008

Venezuelan President Hugo Chavez and Ecuadorean President Rafael Correa on Tuesday officially unveiled plans for a joint-venture refinery to be located on Ecuador's Pacific coast.

Ecuadorean Energy and Mines Minister Galo Chiriboga said the "Refinery of the Pacific" will include a petrochemical project.

Work on the refinery complex is scheduled to start in 2010 and the aim is to have it in operation by 2013.

The refinery, located in the Manabi province of Ecuador, will handle 300,000 barrels a day.

The conceptual engineering plan should be ready by the end of the year, Chiriboga said.

The complex will require a $6 billion investment, he said.

"Obviously this investment won't come just from Petroecuador or from Petroleos de Venezuela," he said. "President Correa hopes that in the future we will be able to include as shareholders other Latin American state-owned companies. But without doubt, we will have to go to international capital markets to finance the project."

PdVSA will hold a 49% stake in the Refineria del Pacifico-CEM, and Petroecuador will have 51%.

The new refinery project is important for Ecuador, which has to import processed petroleum products such as gasoline because of a lack of refining capacity.

Many of the new oil discoveries in Ecuador are heavy crude and cannot be processed at the country's three existing light-crude refineries.

The new refinery is part of a strategy to integrate Latin American companies that began in February 2007 with an agreement to swap Ecuadorean oil for Venezuelan diesel and naphtha.

Source: Dow Jones Newswires

Engineering News Archive

 
// CAREER RESOURCES

Applicant Procedures
Job Seekers
Resume Help
Professional Organizations
Engineering Career Information
Engineering Colleges

// WHAT WE DO
Recruiters for
Professionals in the Chemical
& Pharmaceutical Industries
We recruit exclusively for Engineers and Operations/Maintenance Management Personnel in the following areas:
Specialty chemicals
Bulk chemicals
Commodity Chemicals
Petrochemicals
Fine chemicals
Agrochemicals
Industrial gases
Surfactants
Fertilizers
Solvents
Coatings
Polymers
Pharmaceuticals
Refinery
Career Center | FAQs | Privacy
SESI Corporate Headquarters (954)755-3121 ext 109
© Search Enterprises, Inc. All rights reserved.
Industry News Career Center FAQs Submit a Job About Search Enterprises Submit a Resume Candidates Job Opportunities Search Enterprises Home