The Chinese National Development and Reform Commission has approved the PetroChina and Petroleum de Venezuela S.A. joint venture refinery to be constructed in Jieyang city, Guangdong province.
The companies plan to construct a 8 million tpy facility at the industrial city which will process Venezuelan imported oil. PetroChina is constructing this facility in a site popular with its main competitors Sinopec and CNOOC who already operate refineries at the site.
Northern Iraq project
Genel Enerji, a company owned by Turkish Cukurova Holding has announced plans to construct a refinery in Northern Iraq. The company is currently active in exploration and production in the company in the Taq Taq oilfield and sees the construction as the next logical step.
The new facility will be constructed in Koya city, close to the field. The refinery is estimated to cost US$ 510 million and be constructed in three phases. Phase I and II will bring the facility up to a processing capacity of 40 000 bpd and once complete is expected to process 60 000 bpd. The facility is expected to be operating at full capacity in 2013.