28-01-02 Petrotulsa, a Venezuela private oil company with Swiss-based engineering company ABB, is planning to build a $ 2 bn oil refinery capable of processing 130,000 bpd. Petrotulsa's president Ricardo Valbuena said that the Swiss-based engineering company ABB has signed a letter of intent to that effect.

Under the new Hydrocarbons law, investments in the refining of hydrocarbons are open to private industry. Venezuela, one of the world's four largest oil exporters, currently refines only about 40 % of its roughly 2.7 mm bpd crude production.