Ecuador, Venezuela to commence construction of refinery and petrochem complex in Manabi

State run oil companies of Ecuador and Venezuela will commence construction on Refineria del Pacifico-CEM- a new 300,000 bpd refinery and petrochemical complex in Manabi, very shortly. Petroecuador will hold 51% stake in the project and Petroleos de Venezuela will hold the balance stake. The project, to be built at an investment outlay of US$5 bln will be built in about 3-4 years.