Hyundai Engineering & Construction (Hyundai E&C) announced on December 6 that it signed a US$2.3 billion (2.43 trillion won) deal to build an oil refinery in Venezuela commissioned by the state-run Petroleos de Venezuela, S.A. (PDVSA) on December 4.
Huundai E&C won the project jointly with Wison Engineering of China. The Korean builder’s share is 61 percent (US$1.4 billion).
The project is to complete Phase I construction of the Batalla Santa Ines Refinery and a 40 kilometer highway connecting the plant with Barinas, a city 420 kilometers southwest of the Venezuelan capital Caracas. The refinery capable of processing 40,000 barrels of oil a day is expected to be completed within 38 months and the highway for 24 months from ground breaking.
This is the second energy project for Hyundai E&C in Venezuela, following a US$3.0 billion project in June last year to upgrade the Puerto la Cruz Refinery for PDVSA.