Production at the Puerto La Cruz refinery will increase to 170,000b/d following the upgrade works.
The World Bank affiliate is expected to approve the operation during a meeting of its board on December 7, according to documents published on the lender's website.
The facility had been closed due to flooding and a fire caused by hurricane Calvin that killed a worker in June.
BNamericas' latest Political Risk report says the private sector has been buoyed by new opportunities in Brazil's electric power and oil sectors.
The Venezuelan president presented a series of proposals at the VI World Energy Summit in Russia which are intended to stabilize and fix prices.
A total of 66 firms have begun operating in Mexico's oil and gas sector, half of them foreign, as a result of the eight auctions held so far.
The developer missed a deadline to secure financial support for the 1.2GW project, which includes an associated LNG regasification terminal and a 311km gas pipeline, according to regulator Aneel.