The president of Venezuela, Hugo Chavez, will visit Ecuador during the first week of July to participate in a stone-laying ceremony with his Ecuadorian counterpart, Rafael Correa.
The ceremony will mark the commencement of activities at a refinery to be jointly constructed by the governments' of both South American countries.
In 2007, the governments of Venezuela and Ecuador agreed to jointly construct a refinery to be located in the southwestern Province of Manabi on the Pacific coast of Ecuador. The refinery would require an estimated investment of $5 billion and would consist of a high conversion system capable of processing 300,000 barrels per day (b/d) of crude oil.
"In early July, President Chavez will come to Ecuador to participate in the stone laying ceremony for the refinery," reported El Universal, citing Correa. The construction of the refinery could incorporate other state oil companies from the Latin American region; however, Ecuador's state oil company, PetroEcuador, will have a minimum 51 percent interest in the refinery.
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