PDVSA to invest more than $ 23 billion to 2006

Feb 26, 1997 01:00 AM

State's PDVSA expects to invest more than $ 23 billion in operations in eastern Venezuela under its 1997-2006 business plan, according to PDVSA first vice president Claus Graf. He said representatives from PDVSA would meet with the governors of Nueva Esparta, Monagas, Sucre and Delta Amacuro states, eastern Venezuela, next March to identify a series of priorities that would serve as guidelines for PDVSA during the life-span of the plan. He said the goal of the national oil industry was to boost the creation of new alternative sources of employment that would buoy the economy of each of the eastern states and fuel development in those areas. Graf noted that the incorporation of Veba Oel of Germany in a joint venture involving PDVSA subsidiary Lagoven and Mobil of the United States -- to produce, upgrade and market extra-heavy crude oil from the Orinoco oil belt -- would increase the projected production figure to 120,000 bpd.

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