The state-run oil companies of Ecuador and Venezuela will begin construction next month on a new 300,000 barrels-per-day refinery and petrochemical complex in Manabi, the office of Ecuadorean President Raffael Correa said Tuesday on its Web site.

Petroecuador will hold 51% and Petroleos de Venezuela and 49% of Refineria del Pacifico-CEM, the company that is to be established to build the new heavy crude refinery.

The new refinery could require at least a $5 billion investment and take between three and four years to complete. Refineria del Pacifico hasn't yet chosen a construction company for the new refinery.

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