Venezuela and Ecuador are planning a joint venture to build an oil refinery based on an investment of USD 5 billion, as one of the first projects funded by the heralded Bank of the South, an Ecuadorian government high-ranking official told AFP.

"The refinery is a priority, urgent project, and we are making strides in an agreement to organize a joint venture with state-run oil holding Petróleos de Venezuela (Pdvsa)," said Acting Energy Minister Jorge Albán.

According to the official, the Ecuadorian Executive was waiting for the feedback of the Solicitor Office in order to define a legal framework for the partnership.

"The project would cost about USD 5 billion and it could last 5-6 years, including 12 months in the stage of assessment and trials," Albán added.