Refinery deal in Venezuela

Petroleos de Venezuela, S.A. (PDVSA) and Eni have contracted to create two Empresas Mixtas (Mixed Enterprises).  The first is PetroJunin, dedicated to the development of Junin 5 Block, located in the Orinoco Oil Belt some 550 km south east of Caracas, and the second is PetroBicentenario, dedicated to the construction and operation of a refinery in the area of the existing industrial coastal complex of Jose. PDVSA will own 60% and Eni 40% of both enterprises, according to the terms of the new hydrocarbon law of the Bolivarian Republic of Venezuela. The companies intend to achieve capacity of 75,000 bpd from the Junin 5 Block, with first oil expected by 2013 and a long term production plateau of 240,000 bpd to be reached in 2018. PetroBicentenario is expected to have a capacity of 240,000 bpd plus the ability to process additional volumes of approximately 110,000 bpd of intermediate streams from other PDVSA facilities.  The refinery will be built in the Jose Industrial Complex.

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