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Venezuela approves creation of Orinoco joint ventures

05/03/2010
Venezuela's National Assembly has approved the creation of two joint ventures between state-owned Petroleos de Venezuela SA and two consortia of international oil companies for the development of projects in the Orinoco heavy oil belt.The first JV gives PDVSA a 60% share of the Carabobo 1 project, with the remaining 40% divided among Repsol, Indoil, and Petronas. The second JV, Carabobo 3, also is led by PDVSA with 60%; the remaining 40% is shared among Chevron, Inpex and Mitsubishi of Japan, and Suelopetrol CA, Caracas (see map, OGJ, Nov. 21, 2005, p. 54)..Each of the two projects, which are to produce 400,000 b/d of oil, include the construction of a heavy crude upgrader that can turn 2...
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