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Venezuela's Ali Rodriguez: There is a good investment environment in Venezuela
Petroleumworld
CARACAS
Petroleumworld.com 06 01 06
Ali Rodriguez, Venezuela's Foreign Minister said to reporters there is a good investment environment in Venezuela with the changes in investment terms and dismissed concerns by foreign investors that they are face with an struggle when it comes to investing in Venezuela or other Latin American countries hydrocarbon sector."We have created a clearer relationship between the natural resources of this country and the investor," Rodriguez said. "We now have the rights for exploration and investors hold the rights in relation to their investment risks. For any business to be good it needs to be good for both sides." Dow Jones quoted.
Recently, Venezuela force the oil companies to migrate all its operating agreements to joint venture companies with Venezuela's oil company as the majority stockholder, now it has said that wants a controlling stake in four of its heavy oil joint ventures, in the Orinoco basin.
Just last week, Eulogio Del Pino, Petroleos de Venezuela' CVP responsible for the Orinoco oil belt basin, said the company is aiming for a 60% controlling stake in its Orinoco partnerships.
"We are applying a royalty similar to that in operation in Alaska and although we are now seeking to hold the majority stake, investors are now in an excellent position in that they can now fully reap the benefits of any project they are involved in," Rodriguez said. "This works well for both sides," he said.
Del Pino said foreign oil firms want to come to work in the new development of the Orinoco belt basin under the new oil law conditions. Already operating with PDVSA, are Repsol, Lukoil, Petropars, Gazprom, India's oil company and Petrobras.
Petroleumworld 31 05 06
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