CNPC's New Refinery Approved     

China's National Development and Reform Commission has authorized China National Petroleum Corporation (CNPC) to build a refinery in Guangdong province, southern China, to process crude oil imported from Venezuela, CCR learned on February 25th.
   The proposed refinery is designed to process 10 million tons of crude oil per year. And the location is selected at Jieyang city, southern Guangdong province. CNPC will launch an initial feasibility study for the plant as soon as possible.
   The refinery is likely to be a joint venture between CNPC and Venezuelan state oil company PDVSA. Last May, CNPC and PDVSA inked agreements to jointly develop the Junin-4 Block, Orinoco heavy oil belt in Venezuela, and set up a joint venture refinery in China to process the heavy oil sourced from the Junin-4 Block. (CCR2008 No. 15)