On July 15, 2008, Ecuadorean President Rafael Correa and Venezuelan President Hugo Chavez unveiled plans to build the Refineria del Pacifico refinery and petrochemical complex in Ecuador's coastal Manabi province. According to Correa, the new "Refinery of the Pacific" complex is intended to help Ecuador export crude derivatives.

Although Ecuador produces 600,000 b/d of oil, it must spend $3 billion annually on imports of gasoline and other products because its three existing refineries cannot process heavy crudes.

In addition to gasoline, the 300,000-b/d refinery will produce diesel. Also, production of fertilizers, urea, agrichemicals, and fibers at the complex will mark Ecuador's first foray into the petrochemical industry. The complex's location on the Pacific in Manabi province will enable it to target markets such as Chile, Peru, the United States, and Peru.

Although Petroecuador and PDVSA are currently the sole owners of the mixed company, they expect to add as other Latin American state-owned companies as shareholders. In addition, they envision raising project financing in international capital markets for the $6.6 billion complex.

In March 2010, South Korean-based SK Engineering & Construction Co. announced that it had won a $260 million order for a basic engineering study to build the refinery. Later that year, in September, Dow Jones Newswires quoted Ecuador's strategic sectors minister as saying that his government was seeking on to three strategic investors in the $12.5-billion project.

The official indicated that several South Korean and Chinese companies had indicated in interest in buying stakes in the project. Also, he said that his government was hopeful that third parties such as foreign banks could provide approximately 70% of the funding for the project. In that scenario, Petroecuador and PDVSA would cover the balance of the project cost.

The refinery is projected to begin operations in 2013.