Petroleos de Venezuela SA (PDVSA) has let a contract to a consortium led by Hyundai Engineering & Construction Co. Ltd. for the expansion and modernization of its 190,000-b/d Puerto La Cruz refinery in eastern Venezuela.
The $4.8 billion contract, in which Hyundai E&C holds 72% interest, also includes Hyundai Engineering Co. Ltd. (18%) and Wison Engineering Ltd. (10%), Hyundai E&C said.
The project, which will entail the remodeling of existing installations and equipment at the refinery as well as some construction to improve the yield of higher-quality products, will last 47 months from initial groundbreaking, according to Hyundai E&C.
No firm dates were disclosed for either the project’s groundbreaking or completion.
PDVSA previously has signed a series of agreements for an overhaul of the Puerto La Cruz refinery to equip the plant to process a heavier slate of crude oil feedstocks (OGJ Online, July 1, 2013; May 13, 2013; Oct. 17, 2008; Mar. 15, 2007).