Venezuela and Ecuador initiated largest Petrochemical refinery

Caracas, Venezuela, 15 July 2008. During a short visit of Venezuelan President Hugo Chavez to Ecuador, a new petrochemical refinery at Manta was initiated. This joint venture initiative between Venezuelan and Ecuador was penned by President Hugo Chavez and Rafael Correa.

This petrochemical project would cost over 5.000 million dollars. It is expected to be ready bt 2013. According to Chavez this is a static enterprise for South America. It would also boost local agriculture through the production of fertilisers. Furthermore, it will place oil facing Pacific shore customers.

Sources: VTV, Telesur, YVKE. El Universal,