Shanghai firm begins work on oil refinery

Wison Engineering Ltd, China's largest private petrochemical engineering, procurement and construction contractor, announced on Monday it had begun on-site preparation for the Puerto La Cruz oil refinery in Venezuela, with a contract value of $834 million.

The Shanghai-based company will be responsible for the site preparation, procurement, land improvement, new tanks, administrative buildings and temporary facilities for the project. It will be completed within a year in Puerto La Cruz, a port city in Anzoategui state.

To optimize its national social services model and raise incomes, Venezuela, Latin America's largest oil producer, wants to improve its infrastructure and its oil industry.