| Venezuela Approves Setup of Oil & Gas Joint Venture with Vietnam |
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4/25/2009 11:40:00 AM The Venezuelan government recently gave a green light to establishment of a joint venture between the Venezuelan Petroleum Corporation (CVP), a member of the Venezuela Oil and Gas Group (PDVSA), and the state-owned oil monopoly PetroVietnam group, state media reported. The joint venture with CVP holding 60 per cent of stake will produce and upgrade heavy oil on a 2,247-square kilometer area at the Block Junin 2 of Venezuela’s Orinoco Belt within 25 years.
PetroVietnam and PDVSA November 20 signed a 25-year agreement worth US$11.4 billion to produce and explore for oil. PetroVietnam will contribute nearly US$5 billion or 40 per cent of the total investment and Venezuelan partner will contribute the rest.
The Vietnamese group is estimated to spend between US$15 billion and US$20 billion investing in big oil production home and aboard by 2015.
It has so far injected more than US$226 million into 21 projects overseas, with nearly 90 per cent of the investment going to development and exploitation and the rest to exploration, mainly in Myanmar, Cambodia, Egypt, Tunisia, India, Angola, and Cameroon. (The People, VOV) |
| VCCI |