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Chinese want refinery in 17 months

Updated: Nov 23, 2018

The Chinese entrepreneur group Qingdao Xinyutian Chemical Co, which has signed a Memorandum of Understanding with Ceará for the refinery deployment in the state, intend to carry out the project in record time.

Fraport director tries to guarantee installation of Latam Hub in Fortaleza (Photo: Fortaleza Municipality | Press)

by Neila Fontenele – O POVO ONLINE

According to the Chinese calendar, it would be possible to transform Ceará dream, which has been trailing since the 1970s, into reality in only 17 months. This date would begin to count down from the time of approval of the company’s technical project by the China Development Bank (CDB), scheduled for November this year.

The State Secretary for International Affair, Antonio Balhmann, returned this weekend to China and South Korea encouraged by the results of the negotiations.

He says the business part of the project is ready. Balhmann was with the chairman of the Qingdao group, Wu Ruzhou, and with engineers also responsible for setting up China's largest refinery, setting the final details. The agreement sealed with Qingdao also includes a petrochemical hub.

The refining plant would represent an investment of US$ 4 billion. It would have the capacity to refine at each stage 150,000 barrels of oil per day, and there would also be an oil terminal to receive the ships that will supply the plant. With that, the investment would jump to US$ 7.5 billion.



Balhmann says that the firm Qingdao has already been registered in Pecém and the state undertook to participate to the enterprise. The amount to be paid by the state has not been defined yet but it will give the land and all the internal infrastructures needed. “For the CDB, the institutional weight of the government was important” mentioned the secretary.

In Balhmann's assessment, the goal of 17-month refinery construction stipulated by the Chinese is quite bold, even by the distance from where the materials will come for the implementation of the project. Despite this, he explains that the group has experience and has already built projects in 19 months.



The Brazilian company BRCP (which represents CNPC in Brazil, considered the largest oil company in the world) will also participate in the refinery project. The company will select oil and light oil suppliers from Iran. BRCP’s partners, Ye Ming and Adriano Figueiredo, were also at the previous meetings held to seal the agreements.

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