The new refinery will be located at the Jose Antonio Anzoategui Petroleum and Petrochemical Industrial Complex in northeastern Venezuela and will process crude extracted from the Junin 5 block in the Orinoco Belt.
PDVSA and Eni will develop the Junin 5 block of the Orinoco Oil Belt, which is expected to process a total of 240,000bpd in its phase of development.
According to the terms of the new hydrocarbon law of the Bolivarian Republic of Venezuela, the participation of PDVSA and Eni in the venture will be 60% and 40%, respectively.
The JunIn 5 Block has 35 billion barrels of certified oil in place with recoverable reserves estimated in excess of 2.5 billion barrels.
