There is also a ~5th Upgrader for PdVSA in works with another Asian Group as partners in works (didnt post yet).
Havent heard anything new/more development on it – It was deal Apr/May 2010 between Pdvsa-Inpex Carabobo JV (CVX 37%,Pdvsa 60%-natch, Mitsubishi/Japan 5%). There is PDF out about news release if you want check on it.
Although with CVX at 37% you have to ask if Chevron boys are smoking Tar out VZ – guess CVX & Total havent got enough of asset lost from first set of Upgrader privatizations.
Pdvsa getting Asians (China & Japan) “snookered” in for second round Upgraders – probably for coking cycle after the current one (2012-2017) could put more 4.5%S Upgrader fuel coke back on market just after current & last coker cycles (2006-2011 & 2012-2017) have the full production volumes of 6.5%S finally drive price for 4.5%S back to premium ranges of +$25/mt deltas – but only to come down again as volumes again fight for placement!
But the 2018+ coking cycle is long way off and PdVSA has not been known for keeping fair or good relationships with its past investors. (Check with Oil, Cement, Fertilizer & ect industries they privatized investment assets)