PDVSA, Petroecuador Ink New Refining JV

PDVSA and Petroecuador have signed an agreement to build a new oil refining facility in the coastal town of El Aromo, Ecuador, to be operational by 2013. Petroecuador will control 51% of the project, while PDVSA will hold the other 49%, the Venezuelan company says. The Refineria del Pacifico is expected to cost $9bn and will process 300,000 barrels per day, as well as fertilizers, PDVSA says. A PDVSA spokesman declined to disclose financing terms.