Looking at a protracted cash crunch, state oil company Petroleos de Venezuela SA plans to encourage accelerated investment by foreign companies in Venezuela's oil sector. Pdvsa late last month sliced about $1 billion from its capital and operating budget for 1992 (OGJ, July 27, Newsletter). In the medium term, Pdvsa plans to focus on investment in quicker payout projects in oil production and refining while seeking foreign capital for as many projects as possible in oil and gas exploration and development, petrochemicals, and coal. And it will continue to expand its presence in other countries, especially the U.S., to maintain marke...

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