Venezuela's Pdvsa struggling to meet Orimulsion goals

Early in 1997, Orimulsion-Vene- zuela's patented boiler fuel, looked like it was going to become an important new source of income for state petroleum company Petroleos de Venezuela SA (Pdvsa). But the new fuel-made from bitumen, water, and a surfactant-took a heavy beating in recent months when two major orders in the U.K. and the U.S. were either canceled or delayed indefinitely. Orders hobbled Bitumenes Orinoco SA (Bitor), the Pdvsa unit that oversees the production and marketing of Orimulsion, had planned to sell 4 million metric tons/year to National Power plc in the U.K.. However, the British utility in September 1997 decided not to convert its mothballed Pe...

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