01 Oct '12, 8am

Venezuela to supply up to 400,000 barrels of heavy crude oil per day to India via @prismatic

Venezuela to supply up to 400,000 barrels of heavy crude oil per day to India 1 October 2012 State-run oil company Petróleos de Venezuela, S.A. (PDVSA) and India’s Reliance Industries Limited (RIL), last week signed two agreements to boost extra-heavy crude oil production in Venezuela’s Orinoco Oil Belt (FPO) and sell up to 400,000 barrels per day (bpd) to the country. Rafael Ramírez, the People’s Minister for Petroleum and Mining and President of PDVSA, said that the first official document signed with the Indian company was a Memorandum of Understanding (MoU) that will allow Reliance to participate in crude oil exploration and production activities in the Ayacucho and Boyacá 4 blocks in the FPO. With the second document, PDVSA agreed to supply Venezuelan heavy crude oil to the Asian country under a 15-year contract. Venezuela will send Reliance between 300,000 and 400,00...

Full article: http://www.greencarcongress.com/2012/10/venezuela-2012093...

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