TWO VENEZUELAN HEAVY OIL MEGAPROJECTS APPROVED

Venezuela's congress has approved two heavy oil projects involving foreign investors and a combined cost of more than $4.8 billion. The surprise, last minute vote came only 3 days after the congress approved the $5.6 billion Cristobal Colon liquefied natural gas export project, representing the biggest energy project in Venezuela's history and the first direct equity investment by foreign companies in the country's upstream petroleum sector since nationalization in 1976 (OGJ, Aug.

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