CARACAS, Venezuela – Venezuela and China are teaming up to build an oil refinery in southern China.
Venezuelan Oil Minister Rafael Ramirez attended a ceremony on Friday marking the start of construction in the southern Chinese province of Guangdong. The refinery is to be completed in 2015 and is to cost $8.3 billion.
Ramirez said the refinery will be able to process up to 400,000 barrels of crude a day, and is the first of three refineries Venezuela plans to help build in China.
China National Petroleum Corp. is partnering with Venezuela’s state oil company.
Ramirez said in a company statement that Venezuela is currently selling China about 600,000 barrels of oil a day.
China has also agreed to lend Venezuela about $38 billion in exchange for oil shipments.
Ford says shortage won’t disrupt work
DETROIT – The auto industry may have steered its way around another crisis.
Ford says it doesn’t expect a resin shortage to disrupt production at any of its factories. That’s a sign that its peers will be able to avoid problems as well.
Just last week, automakers and parts companies feared that factories could be forced to close due to a shortage of a key plastic resin. Supplies are low because a March explosion and fire knocked out a German factory that makes much of the world’s PA-12, a unique resin used to manufacture fuel lines and other parts.
But Ford says it has alternative resins available. An industry expert says that means other carmakers have similar substitutes.
Procter & Gamble focuses on new items
NEW YORK – Procter & Gamble Co. said Friday that it is rolling back some price increases and focusing on introducing new products in developed markets as the world’s largest consumer products maker seeks to reignite market share growth.
The maker of products ranging from Bounty paper towels to Luvs diapers also lowered its guidance below expectations for the fiscal year as it its third-quarter net income dropped 16 percent, hurt by restructuring charges and continued high costs for items like diesel fuel and packaging. Shares fell nearly 4 percent Friday.
P&G said it is rolling back prices in six categories: Powdered laundry detergent in the U.S., laundry products in Mexico and the U.K., and North American oral care, dish care and blades and razors.
Open house event features 500 homes
It’s “open house” weekend in Spokane, with Realtors hosting open house events today and Sunday at more than 500 homes on the market.
The event sponsor is Greenstone Homes, which has the “headquarters house” at the development company’s Kendall Yards project on the north bank of the Spokane River. The townhome is at 408 N. Elm St., west of the Maple Street Bridge.
All of the open houses can be found at spokaneopen.com.