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.

Wison was contracted by PDVSA Petroleo SA, the Venezuelan state-owned oil and natural gas company, in September 2013.

Dong Hua, Wison's senior vice-president, said one of the company's key strategies is to accelerate its internationalization and business diversification.

To lower the risk and make more business partners overseas, Wison signed subcontracting construction agreements with three branches of China Railway Engineering Co to complete this project together.

"The partnership will promote our combined services to the Venezuelan client, including providing more design and logistics services, module fabrication, boosting the export of Chinese machinery, equipment and material, as well as providing an opportunity for 'linking up' with other domestic companies," Dong said.

Wison has set up sales offices in Venezuela, Indonesia, the United States and United Arab Emirates to step up its expansion into markets in Southeast Asia, the Middle East and North and Latin America.

zhongnan@chinadaily.com.cn

(China Daily 07/22/2014 page3)