It was repor ted that a 20 mi l l ion t / a refining project jointly planned by China National Petroleum Corporation (CNPC) and PETROLEO DE VENEZUELA S.A. (PDVSA) was approved by the State Council. This RMB58.5 billion first phase project will be constructed at Jieyang (Huilai) Dananhai Internat ional Petrochemical Comprehensive Industrial Park of Guangdong province. CNPC holds 60% of shares and PDVSA 40%. The joint venture will finally have a total refining capacity of 50 million t/a, and construct a 1 million t/a ethylene project.