A NEW COMPETITOR FOR INTERNATIONAL CAPITAL

A major competitor soon will enter the world market for exploration and development capital. Venezuelan Pres. Carlos Andres Perez has confirmed that state owned Petroleos de Venezuela SA will seek international oil company help with $15.8 billion in upstream investments it plans through 1995. Since nationalization of the oil industry in 1976, Venezuela has kept foreigners out of exploration and production. Apparently, the government now realizes that Pdvsa can't single-handedly convert

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