Beijing: Chinese state oil giant CNPC is coming onboard a huge South American refinery project. The $13bn Pacifico refinery, due to come onstream in 2017 in Ecuador, was originally a joint venture between Petroecuador and PDVSA of Venezuela split 51:49 respectively. Nopw however CNPC has come in to take a 30% stake in the project which is expected to produce around 300,000 barrels a day. This is the latest big outlay from China’s state-owned energy conglomerates who together are estimated to have spent in excess of $100bn in securing overseas oil since 2009. [09/07/13]
