Ecuadorian state-run oil company Petroecuador and its Venezuelan counterpart Petróleos de Venezuela (Pdvsa), will incorporate in May a joint venture to build up a major refinery in the Ecuadorian shore, in the Pacific.

Fifty-one percent of the company's shares will be Ecuadorian and 49 percent will go to Venezuela, AP stated.

Petroecuador reported in a press release that "in May" both state-run companies will officially and legally incorporate the "Refinery of the Pacific -Joint Venture Company." The shares percentages previously stated will constitute this company.