Utter bollocks

That’s the response received from oil industry contacts in China who were asked to confirm the accuracy of President Hugo Chavez’s televised announcement that construction of the first China/Venezuela refinery joint venture has started in that country.

The truth:

“CNPC has been forced to drop its plan for a 400,000 b/d refinery at Gaolandao port in the Pearl River delta city of Zhuhai after failing to secure approval from the Chinese environmental protection ministry. (CNPC) now plans to shift the plant to the far east of Guangdong province, to the city of Jieyang, upriver from Shantou port on the Han River. (CNPC) has obtained preliminary approval from the local government to build a plant at Jieyang. Construction is scheduled to begin in 2010-11, although CNPC has yet to get the final go-ahead for its new plan from economic planning body the NDRC and the Chinese environmental ministry. The refinery will run heavy crude from Venezuela’s Orinoco oil belt, under an agreement signed by China and Venezuela in April last year. The agreement also proposed building three further 200,000 b/d refineries in China. CNPC will have a 60% stake in the Jieyang refinery and Pdvsa will hold 40%. As with previous downstream projects, CNPC is almost certain to transfer ownership to its listed company PetroChina. CNPC wants to build the three additional refineries in China’s east or south coastal provinces, but has not specified locations.”

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About Caracas Gringo

Representing less than 0.00000000001515152% of the world population as of 31 December 2011.
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