South Korea's SK to build oil refinery in Ecuador

QUITO
Petroleumworld.com, Jan 6, 2010

South Korea's SK Engineering & Construction Co Ltd (SK E&C) will build Ecuador's Refineria del Pacifico oil refinery, worth USD 12.5 billion (EUR 8.708bn), the head of the special-purpose firm Refineria del Pacifico, Carlos Proano, said yesterday.

SK E&C is making the studies for the project and will help create a pool of investors to finance the construction, Proano said.

Companies from UK, Korea and Japan have shown interest.

The refinery will be built between mid-2010 and end-2013 in the coastal Manabi province, but not in the El Aromo sector as initially announced. It will be located in the Rio de Manta area, 12 km (7.45 miles) northeast of El Aromo.

The 300,000-barrel-per-day complex is a joint project of Ecuadorian state oil company Petroecuador, which holds 51%, and Venezuela's state oil company PDVSA, with 49%.

Currently, SK E&C carries out the rehabilitation of Ecuador's Esmeraldas oil refinery.

(USD 1.0 = EUR 0.697)

Story from ADPnews
ADPnews 01/06/2010 17:22

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