Venezuelan LNG export project back on track

Venezuela's LNG export project is back on track, albeit in a scaled-down version.Petroleos de Venezuela SA (PDVSA), Royal Dutch/Shell, ExxonMobil Corp., and Mitsubishi Corp. have signed a memorandum of understanding to develop a $2 billion LNG project in northeastern Venezuela.The project will be known as Project Venezuela Liquefied Natural Gas (PVLNG) and will have a production capacity of about 4 million tonnes/ year.The venture is a downsized version of the so-called Cristobal Colon project, which involved the same four partners (but just Exxon Corp. prior to its acquisition of Mobil Corp.). That project, which called for an investment of more than $5 billion and an estimated outp...

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