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Chinese Qingdao Xinyutian to build oil refinery in Ceara state

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With the signing of a financing agreement with China Development Bank, held on Wednesday (Dec.6) in São Paulo, the government of the state of Ceara is confidente that the construction of a local oil refinery will soon begin.

State Governor Camilo Santana, said the next step is getting the approval the Chinese company Qingdao Xinyutian Chemical Project, of a refinery with capacity to process 300,000 barrels of oil per day

Last September, the Governor of the State of Ceara, Camilo Santana met in China with the Qingdao Xinyutian Chemical Board to discuss the implementation of the Ceará Refinery at the Pecém Industrial and Port Complex (CIPP). The company had already signed a Memorandum of Understanding (MOU) with the Government of Ceará in November 2016 and since then has studied how to make the venture viable.

At that occasion, the governor of Ceara received the assurance that the China Development Bank (CDB) would finance the initial phase of the project, worth US $ 4 billion.