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PDVSA and CNPC to invest over USD 10 million
Petroleumworld
CARACAS
Petroleumworld.com 09 13 07State-run oil holding Petróleos de Venezuela, S.A. (Pdvsa) and China National Petroleum Coporation, are to make a joint investment of USD 10 million in accordance with an agreement on the potential output of up to one million barrels of oil at Orinoco oil belt. This capacity will be fulfilled by means of the construction of Caripito, Batalla de Santa Inés and Cabruta refineries, said People’s Power Minister of Energy and Petroleum and Pdvsa CEO Rafael Ramírez during the 145th Meeting of the Organization of Petroleum Exporting Countries (OPEC).
Minister Ramírez said that the agreement provides also for a transportation joint venture, where each company will have a 50-percent stake. As for the rest of the projects, shareholding will be equally fair and respectful of the national interests. In this way, Pdvsa will hold 60 percent of the shares in the Bolivarian Republic of Venezuela and 40 percent in the People’s Republic of China.
Petroleumworld
September 12, 2007Copyright© 2007 Los Angeles Times. All rights reserved.
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