The president of Petróleos de Venezuela, S.A. (PDVSA), Eulogio Del Pino, received a high-level delegation from Hyundai Engineering & Construction, the main contractor of the Deep Conversion Project at Puerto La Cruz Refinery, to move forward with the new financing tranche that will bolster the largest oil refining business project in the Americas, with a total construction area of more than 2 million square meters, on four work fronts, and more than 7,000 workers.

The meeting was attended by President of Hyundai Engineering & Construction Soo-Hyun Junk and Executive Vice President Lee Won Woo. They expressed their full confidence in PDVSA's work capacity to continue the expansion of Puerto La Cruz Refinery, a key project in the consolidation of the Hydrocarbons Economic Driver promoted by the Bolivarian Government of President of the Republic Nicolás Maduro.

Also in attendance were PDVSA Vice President of Refining Guillermo Blanco Acosta; Director of New Refinery, Upgrader and Terminal Projects Gabriel Oliveros, and the General Manager of the Deep Conversion Project Valeria Negretti.

Del Pino said Deep Conversion is an engineering project of great importance to the Nation since it involves the worldwide commercial launch of PDVSA Intevep's HDH PLUS® technology for the processing of heavy crude from the Hugo Chávez Orinoco Belt in order to obtain clean final products without coke generation which will be sold in the international market.

This oil refining project, unique in the world, is being carried out in the midst of a low oil prices scenario, thanks to a solid international financing of more than 8 billion dollars, which includes high social investment.

Currently, Engineering, Procurement and Construction has a 79% progress. This is another indisputable evidence of the confidence generated in world markets by oil investments in Venezuela, despite the smear campaign that the government of President Maduro faces.

About PDVSA

Petróleos de Venezuela S.A., the state-owned corporation of the Bolivarian Republic of Venezuela, is responsible for the efficient, profitable, and dependable exploration, production, refining, transport and commerce of hydrocarbons. This company is deeply committed to environmental protection and its main objectives are to foster the harmonic development of the country, to guarantee sovereignty of national resources, to increase endogenous development and to serve and benefit the Venezuelan people, who correspond to their share of the country’s national wealth.

About Hyundai Engineering Company (HEC)

HEC provided engineering services for process plant, power plant, infra structures and environmental sectors. Hyundai AMCO was a well-known provider of construction management in the field of civil, building construction, housing and industrial plants.