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China’s Caixin yesterday reported about the revival of a decade-old mega project between CNPC and Venezuelan state-owned PDVSA. The financial publication said that the CNPC-PDVSA JV refinery and chemical project will most likely commence operations in 2021. The $9.53 billion-refinery with a processing capacity of 400,000 barrels-per-day will be built in Jieyang, China. The project will incur 60% investment from CNPC, while PDVSA will contribute to the remaining 40%.
