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The potential holder of largest oil reserves in the world, the country of Venezuela is planning to make investments in some oil refinery and petrochemical projects in India, very soon. The officials of the government of Venezuela have stated that the country is also planning to give India a stake in its large oilfields. The industry sources have informed that Venezuela is the only OPEC member country in Latin America and the country is now looking to diversify its oil exports. The officials of Venezuela government have also informed that the government has already agreed to look into the feasibility of an integrated multi-billion-dollar oil project with India.
According to one of the top officials from the government of Venezuela, one of the largest state-run company in India, the ONGC Videsh Ltd (OVL) is going to get a stake in the planned project. The government will get a stake in a big field in Venezuela and the oil field is currently producing at least 200,000 barrels of oil per day. The Venezuelan national oil company PdVSA is also going to make investments in some refinery-cum-petrochemical projects in India. The sources informed that the two governments have agreed to invest to each others country during the visit of Indias Union Petroleum Minister, Murli Deora to Venezuela.
While talking about the governments plans with investments in Indian oil refinery and projects, the Venezuelan Oil Minister, Mr. Rafal Ramirez Carreno said that his nation is quite impressed by the refining capacity of India. He added that the countrys national oil company, PdVSA is also looking at setting up a refinery project in India, soon. He said, "We see export of 200,000 barrels per day of oil (from field jointly operated by PdVSA and OVL in Venezuela) to a refinery project in India". Mr. Carreno also indicated that they would give a large field in the Orinoco heavy oil basin to the Indian flagship firm OVL.
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| Posted : 4/10/2008 |
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