 |
March 4, 2008 |
|
|
|
 |
PETROLEOS DE VENEZUELA: Inks New Agreement with Eni Petroleos de Venezuela SA has signed a new accord with Italian oil firm Eni. Italian state news agency AGI relates that Petroleos de Venezuela and Eni will invest US$10 billion in a joint venture to conduct exploration and production activities in the Orinoco heavy crude belt. According to Business News Americas, Petroleos de Venezuela said last month that it had agreed to pay Eni some US$700 million for surrendering its Dacion operations to the state. Eni now has a 26% stake in the Petrosucre JV, which operates the Corocoro field offshore Venezuela in the Gulf of Paria. Eni has a 19.5% stake in Petrolera Guiria JV, which operates the Punta Sur area in the Gulf of Paria and a 50% stake in the Cardon IV gas exploration license in the Gulf of Venezuela, BNamericas states. 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.
