Puerto La Cruz Refinery Conversion to Receive New Financing from Hyundai

Source: www.gulfoilandgas.com 5/15/2017, Location: South America

The president of Petroleos de Venezuela, SA (PDVSA), Eulogio Del Pino, received a high-level delegation from Hyundai Engineering & Construction, the main contractor for the Deep Conversion Project at the Puerto La Cruz Refinery, with the purpose To advance in aspects related to the new financing segment that will consolidate the largest work of the oil refining business in the whole of America, with a total construction area that exceeds 2 million square meters, in four work fronts where more than 7 Thousand workers.

The meeting was attended by Soo-Hyun Junk and Lee Won Woo, President and Executive Vice President of Hyundai Engineering & Construction, respectively; Who expressed their full confidence in PDVSA's work capacity to continue the expansion of the Eastern Refiner Center, a key project in the consolidation of the Hydrocarbons Engine promoted by the Bolivarian Government of President Nicolas Maduro.

PDVSA's Vice President of Refining Guillermo Blanco Acosta and the director of New Refinery, Improvement and Terminals Projects, Gabriel Oliveros; In addition to the general manager of the Deep Conversion project, Valeria Negretti.

Del Pino highlighted that Deep Conversion is an engineering project of great importance to the Nation since it involves the worldwide commercial launch of PDVSA Intevep's HDH PLUS® technology for the processing of heavy crude from the Orinoco Belt Hugo Chavez , In order to obtain clean final products without coke generation, which will be commercialized in the international market.

This unique oil refining project is being carried out in the middle of a scenario of low oil prices, thanks to a solid international financing of more than 8 billion dollars, which includes a high social investment.

Currently, the so-called IPC (Engineering, Procurement and Construction) records a 79% advance; Another indisputable evidence of the confidence generated by Venezuelan oil investments in world markets, despite the campaign of discredit that faces the government of President Maduro.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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