Vietnam, Venezuela Boost Oil & Gas Cooperation

Vietnamese President Nguyen Minh Triet received Asdrubal Chavez - Vice Chairman of Venezuela’s state oil company Petróleos de Venezuela SA (PDVSA) on Saturday in Hanoi in a bid to boost bilateral oil and gas cooperation between the two countries.

 

During the reception, President Triet expressed his desire for the state-run oil monopoly PetroVietnam Group and PDVSA to boost their oil and gas cooperation.

 

In April, the Venezuelan Petroleum Corporation (CVP), a unit of PDVSA, received permission to set up a joint venture with PetroVietnam’s affiliate - PetroVietnam Exploration and Production Corporation (PVEP) - to explore and produce oil in the Orinoco belt in the South American country.

 

The joint venture named PetroMacareo S.A. is also allowed to process heavy oil and extra heavy oil pumped from the 248-square-kilometer Junin block 2 in the Orinoco belt, which is considered to have the world’s largest oil reserves.

 

It will also be involved in the trading of semi-processed oil and associated products. (Saigon Liberation, chinhphu.vn)