 |
February 28, 2008 |
|
|
|
 |
PETROLEOS DE VENEZUELA: Setting Up Company with Petroecuador Petroleos de Venezuela SA will set up a joint company with Petroecuador for the development of Sacha oil field, Eric Watkins at the Oil & Gas Journal reports. The Oil & Gas Journal relates that Petroecuador and Petroleos de Venezuela will also start building a 300,000-barrel-per-day plant in Manabi in June. Ecuadorian President Rafael Correa has accepted drilling services that Petroleos de Venezuela offered to Petroecuador at a discounted rate, the Oil & Gas Journal notes. According to the Oil & Gas Journal, Petroecuador will use two Venezuelan rigs. Petroecuador will pay US$8,000 per day for Petroleos de Venezuela's rig, the Oil & Gas Journal says, citing President Correa. About Petroecuador Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec -- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/ -- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. * * * As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela SA's long-term issuer default rating and local currency long term issuer default rating at BB-. Fitch said the ratings outlook was negative. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
