PDVSA, Eni initiate heavy oil, refinery projects in Venezuela

12/06/2010
Eric WatkinsOil Diplomacy EditorVenezuela's state-owned Petroleos de Venezuela SA and Italy's Eni SPA have agreed to invest $17 billion in two separate joint venture projects aimed at producing and refining from the Latin American nation's Orinoco belt.Venezuela's Minister of Energy Rafael Ramírez and Eni Chief Executive Officer Paolo Scaroni signed the agreements for PetroJunin, which will develop Junin 5 block, and for PetroBicentenario, which will build and operate a refinery in the area of the existing industrial coastal complex of Jose.The 50,000 sq km Orinoco belt contains some 280 billion bbl of heavy and extra-heavy crude, according to PDVSA estimates, while the US Geologic...
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