Venezuelan state oil company Petroleos Venezuela SA has whacked its 5 year capital spending plan by $6 billion to about $20 billion in response to weaker than expected oil prices and high taxes. Pdvsa now is focusing most capital spending on core exploration, production, and refining operations and has stretched out or shelved a variety of projects it expects to finance from cash flow. At the same time, Pdvsa hopes to attract new foreign investment in oil, petrochemical, and coal projects to a far greater degree than it envisioned a year ago. As of mid-1991, Pdvsa planned $34 billion in outlays for 1991-96, excluding more than $14 billi...

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