ExxonMobil, Pequiven to develop Venezuelan petrochemical project

Pequiven, the petrochemical subsidiary of Venezuelan state oil firm Petroleos de Venezuela SA (PDVSA), and ExxonMobil Chemical have agreed to jointly develop a world-scale project to produce olefins and derivates at the Jose petrochemical complex.

Aug. 13, 2004

By OGJ editors

HOUSTON, Aug. 13 -- Pequiven, the petrochemical subsidiary of Venezuelan state oil firm Petroleos de Venezuela SA (PDVSA), and ExxonMobil Chemical have agreed to jointly develop a world-scale project to produce olefins and derivates at the Jose petrochemical complex, in Anzoategui state, eastern Venezuela.

According to Venezuelan state news agency Venpres, a team of specialists from both firms will begin work next month to complete feasibility studies and define other important aspects of the project.

Pequiven, in a written statement, said that the complex would include a cracking plant that would produce 1 million tonnes/year of ethylene and its derivatives.

Although neither company disclosed the cost for the project, PDVSA did say that projects of this size typically require $2.5-3 billion in investments.