CNPC, Venezuela PDVSA to set up JV

China National Petroleum Corp. (CNPC) announced that it would submit a plan to set up a joint venture (JV) refinery with Venezuela’s Petroleos de Venezuelas S.A. (PDVSA) in Guangdong province, China. The planned refinery will process 20 million tons of crude oil annually, an equivalent of 400,000 barrels per day (bpd). CNPC will own 51% of the plant, while PDVSA will take 49%. (March 13, 2009)