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PetroVietnam JV in Venezuela
last modified
2008-11-28 10:50
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November 28, 2008 HANOI -- PetroVietnam yesterday signed a memorandum of understanding with the Venezuelan Petroleum Corporation (CVP), a member of the Venezuela Oil and Gas Group (PDVSA), on the establishment of a joint venture and contract to exploit and refine heavy oil at Lot Junin 2 in the Orinoco heavy oil belt in Venezuela.
Once operational, the project will turn out up to 200,000 barrels a day, equivalent to 10 million tonnes of oil per year.
Heavy crude oil pumped up by the JV will be refined into light oil by its plant. The JV contract will come into effect immediately after it is ratified by the Venezuelan parliament.
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