China‘s Wison Wins Venezuela Refinery Upgrade Project

China's Wison Engineering Ltd said on Wednesday it won a contract to upgrade Venezuela's 210,000 barrel per day Puerto la Cruz refinery to process heavy crude.

The project, which is expected to be completed within 42 months after it is launched, also calls for the expansion of the refinery's facilities that produce gasoline, diesel and jet fuel, Wison said in a press release.

The release did not specify when the project would begin or further details of the project.

The total value of the contract -- which will be performed by a consortium between Hyundai Engineering & Construction Co and Wison -- for the work at the plant will be nearly $3 billion.

This year state-owned PDVSA's local refining network, which has a capacity of more than 1.3 million bpd, has largely overcome the frequent outages and halts for maintenance seen in 2011. The plants run crude produced in Venezuela, which pumps high volumes of heavy oil.(reuters.com, Edited by Topco)

Dongming Petrochemical Group to Issue RMB 6 Mln in Bills

Shandong Dongming Petrochemical Group Co has said that it plans to issue RMB 600 million worth of unsecured short-term bills with a maturity of 365 days on the interbank market on Jun. 28.

Coupon rate will be determined in the process of book-building and the bills be issued at face value.

Both value date and payment due date is Jun. 29 and the to-be-issued bills tradable on Jul. 2.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.

China Construction Bank Co<601939><0939> has been hired as book-runner and lead underwriter for the offering, and Shanghai Pudong Development Bank<600000> will be joint lead underwriter.

In the first quarter of this year, the company's net profit was RMB 70.02 million and its operating revenue was RMB 3.79 billion. (China Knowledge, Edited by Topco)