Friday, February 01, 2008

Oil: Venezuela to help Ecuador build multi billion dollar refinery

Venezuela is to help Ecuador build a $5 billion oil refinery scheduled to go online in 2012.

Ecuador's Oil Minister Galo Chiriboga. said the refinery will initially process Ecuadorean crude, but when supplies are depleted, Venezuelan crude will be used. The facility will have the capacity to refine 300,000 barrels of oil daily.