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Watching The World: Low wattage at PDVSA?
12/14/2009
Here's a first for the oil and gas industry: Venezuela's state-owned Petroleos de Venezuela SA (PDVSA) plans to launch the country's first plant to produce energy-saving light bulbs.The $280-million plant will produce 15 million bulbs the first year and as many as 74 million units/year during its first 5 years of operations.The plant will be built in the Paraguana free-trade zone by a joint company of PDVSA subsidiary PDVSA Industrial and Vietnam's Dien Quang Lamp JSC, which will provide the technology and raw materials.The announcement coincided with reports that Venezuela has just 140 oil rigs in operation, down 36% from the 222 rigs operating 2 years ago—a drop in activity that r...
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