Wison Engineering Ltd together with Hyundai Engineering & Construction Co Ltd has won a $2.993 billion contract to upgrade a state-run oil refinery in Venezuela.

The two companies were granted the contract on June 28.

The companies will carry out engineering, procurement and construction of the Puerto la Cruz Refinery project, which is located 250 kilometers east of Caracas, the capital of Venezuela.

The project, which is expected to be completed within 42 months from its commencement, will upgrade refinery facilities to process heavy crude oil with a capacity of 210,000 barrels a day. The contract also calls for the expansion of gasoline, diesel and aviation kerosene projects and other facilities.

Wison Engineering's share of the multi-billion dollar contract is worth $927.8 million.

"Venezuela has become one of the key markets for Wison Engineering as the company focuses on its international business development," said Dong Hua, vice president of the Shanghai -based Wison Engineering.

"We have built up project management capabilities over the years and we are developing the global market starting from this project."

An official from the National Energy Administration who wished to remain anonymous said China's imported oil dependence is more than 50 percent and the country would have to diversify its import channels.

"The central government is supporting private investment into the field to help ensure the security of the country's oil supply," the official said.