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Venezuela announces joint oil venture with Vietnam

President Hugo Chavez’s government says it is forming a joint oil company with Vietnam to exploit Venezuela’s heavy crude.

State-run Petroleos de Venezuela SA, or PDVSA, will cooperate with Vietnam’s state oil and gas monopoly, PetroVietnam, on oil exploration and production in Venezuela, according to a presidential decree in the Official Gazette issued Friday.  The company, to be called PetroMacareo SA, will operate in Venezuela’s eastern Orinoco River basin, and may also participate in transporting and selling oil, the decree said.  Under Venezuelan law, PDVSA’s partners may hold only a minority stake in oil production projects.

During a visit from Vietnamese President Nguyen Minh Triet in November, the two leaders discussed the possibility of building an oil refinery in Vietnam, and of cooperating with the Asian nation to build oil tankers. Chavez’s government has been forming joint oil ventures with allies ranging from Russia to China as Venezuela aims to diversify its oil clientele.

The United States remains the top buyer of oil from Venezuela, which is the fourth-largest oil supplier to the US.

Source: Forbes, 25.05.2009  click here for original article

Filed under: Energy & Environment, News, Venezuela, Vietnam, , , , , ,

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