Caixin
Dec 06, 2018 12:07 PM
BUSINESS & TECH

China-Venezuela Joint Oil Refinery Breaks Ground in Guangdong

A CNPC petrochemical refinery in Tianjin. Photo: VCG
A CNPC petrochemical refinery in Tianjin. Photo: VCG

Chinese and Venezuelan oil giants began constructing their first joint venture refinery in South China’s Guangdong province Wednesday after a decade of planning and negotiations and a subsequent delay.

Located in an industrial zone in Jieyang, the joint venture is 60% owned by China’s state-owned China National Petroleum Corp. (CNPC) and 40% held by the Petróleos de Venezuela SA (PDVSA).

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