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Wison wins site preparation contract for refinery project in Venezuela; largest refinery PC project in Latin America by Chinese company

Wison Engineering Ltd., an indirectly non wholly-owned subsidiary of Wison Engineering Services, was awarded a procurement and construction (PC) contract by Venezuela’s PDVSA Petroleo, S.A.for the site preparation for the Puerto la Cruz oil refinery Deep Conversion Project. (Earlier post.) Total contract value is approximately US$834 million—the largest oil refinery PC project in Latin America acquired by a Chinese enterprise to date. The project is expected to be completed 12 months after commencement of work.

The Deep Conversion Project will bring a qualitative change in the Puerto La Cruz refinery as it will process 210,000 bpd of heavy and extra heavy crude oil instead of 180,000 bpd of light and medium oil that is currently processing. The bulk of Venezuela’s oil reserves in the Orinoco Oil Belt is formed by heavy and extra heavy crude oil.

This site preparation project is a preliminary project which is of great significance to the entire deep conversion project at the oil refinery. Wison Engineering’s solid track record in the oil refinery sector and its internationalized project execution and management capabilities give us full confidence in this collaboration. The completion of the Puerto la Cruz oil refinery will effectively enhance the heavy oil processing capacity and oil quality in Venezuela, which will constitute a vital impetus to economic growth, employment, and technological innovation and application in the country. This partnership will be also conducive to maintaining and deepening trade and economic cooperation between China and Venezuela.

—Asdrúbal Chávez J., Vice President at PDVSA

This contract is the second to be awarded to Wison Engineering by PDVSA since the Company won a US$2.997 billion EPC contract in June 2012 for the Deep Conversion Project at the Puerto La Cruz Refinery, in which Hyundai Engineering & Construction Co. Ltd. and Hyundai Engineering Co,. Ltd. were jointly participating as Consortium Hyundai-Wison. Pursuant to this contract, Wison Engineering will be responsible for the site preparation procurement and construction of land improvement, new tankers, administrative buildings and temporary facilities for the Deep Conversion Project.

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