BEIJING, March 13 - China's largest oil and gas company, PetroChina will set up a joint venture refinery with Venezuela in 2009, Chairman Jiang Jiemi told reporters on Friday.
In May, the Venezuelan state oil company PDVSA and PetroChina agreed to build a refinery in China's far southern Guangdong province.
PetroChina's stake in the venture would be more than 51 percent, while the heavy oil for the refinery would be supplied by Venezuela, said Jiang, speaking on the sidelines of the annual parliamentary meeting.
Venezuela supplied China with 5.17 million tonnes of crude -- just 177,000 bpd -- in the first seven months of 2008, though this was a 94 percent increase on the same period last year.
Jiang also said an LNG project with Exxon Mobil would be launched in the first half of this year. ($1=6.84 yuan)
In May, the Venezuelan state oil company PDVSA and PetroChina agreed to build a refinery in China's far southern Guangdong province.
PetroChina's stake in the venture would be more than 51 percent, while the heavy oil for the refinery would be supplied by Venezuela, said Jiang, speaking on the sidelines of the annual parliamentary meeting.
Venezuela supplied China with 5.17 million tonnes of crude -- just 177,000 bpd -- in the first seven months of 2008, though this was a 94 percent increase on the same period last year.
Jiang also said an LNG project with Exxon Mobil would be launched in the first half of this year. ($1=6.84 yuan)
