China National Petroleum (PTR) agrees to help finance construction of a $12B refinery project in...

|By:, SA News Editor

China National Petroleum (PTR) agrees to help finance construction of a $12B refinery project in Ecuador, the country's government said Saturday. The 300K bbl/day Pacifico project aims to start output in 2017 and is a joint venture between Ecuador and Venezuela's PDVSA. CNPC has been busy: In recent weeks, it has acquired a stake in Kazakhstan's largest oil field and is talking with Brazil about another project.