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Venezuela to encourage private investment for oil fields

Venezuela to encourage private investment for oil fields

Venezuela says it will encourage investment by private companies in part of the country's oil-rich Orinoco River basin.
Oil Minister Rafael Ramirez says investment in each of three oil fields will be about US$8 billion (euro5 billion).
He says the main aim is building heavy crude upgrader plants in partnership with the state-run Petroleos de Venezuela SA. The company said in a statement Thursday that it will soon announce a bidding schedule.
President Hugo Chavez's government took majority control of the last remaining privately run oil projects last year.
U.S.-based Exxon Mobil Corp. operated in the eastern Orinoco area before pulling out last year. Other oil companies accepted tougher terms to stay on as minority partners.


Updated : 2021-01-25 03:53 GMT+08:00