OREANDA-NEWS. August 15, 2012. Petroleos de Venezuela, SA (PDVSA) signed a contract for engineering, procurement and construction of the proposed expansion of the El Palito refinery, with the international consortium TFY & V, which will meet international standards of product quality and maximize heavy oil from the Orinoco Oil Belt.

The International Consortium TFY & V is constituted by the company’s alliance between Toyo Construction Engineering, from Japan and Foster Wheeler, from Italy, supported by their Spanish counterparts and the Venezuelan company Y&V.

The extension of Carabobo refining center, estimated at a runtime of 49 and half months, will increase the crude processing capacity, from 140 thousand to 280 thousand barrels per day. This adaptation also involves the implementation of new process units designed to obtain products with the best quality.

The project has an estimated investment of over 3 billion dollars and is part of the strategy to strengthen the National Refining Circuit, where PDVSA will invest an estimated 20 billion dollars, in order to position the Corporation with the best refined products for global markets.

The signing ceremony was led by Vice President of Refining, Marketing and Supply of PDVSA, Asdrubal Chavez, who stressed that the strategy of strengthening the refining business goes on with the support of ally governments of Asia, Europe and America, thanks to the multipolar vision of President Hugo Chavez.

Jesus Sanchez, General Manager of El Palito refinery, pointed out “this project will offer new jobs to the communities at the Puerto Cabello area (Carabobo state) and the entire coastal axis, where we have about 30 thousand workers, with a peak of 9.000 employees inside the area, and a challenging experience for young engineering professionals nationwide".

Meanwhile, the Executive Director of New Refinery Project, Improvers and Terminals, Gabriel Oliveros, alleged the recent signing of another major contract for engineering, procurement and construction for the project Deep Conversion Refinery Puerto La Cruz and additionally mentioned that both projects perfectly represent the focus of the Oil Sowing Plan, which is to increase the diet of heavy oil from the Orinoco Oil Belt and the production of ultra clean fuel for global environmental benefit.

For the President of Toyo Construction Engeneering in Japan, Katsumoto Ishibashi, expansion project of the El Palito refinery means a big challenge for any engineer in the world, allowing to process crude from the Orinoco Oil Belt, the largest certified energy reserves of the world.

Marco Moresco, Director of Foster Wheeler, Italy, reported that the firm brings together a group of companies worldwide whose technology can meet the needs of Venezuela, particularly in the area of delayed coking.

Finally, the project director of the Venezuelan Y&V, Vicente Lopez, noted that one of the fundamental aspects of coastal refinery expansion involves the participation, continuous training and updating of national human talent as well.