Tag: PDVSA

• Thursday, August 23rd 2012 - 00:58 UTC

  Chavez pledges 130bn investment to boost oil production to 6 million bpd by 2019

  

  Some 130 billion dollars will be invested in Venezuela's Orinoco Oil Belt between 2013 and 2019 to boost national production from 3 million barrels per day to 6 million bpd, President Hugo Chavez announced on Tuesday evening.

• Thursday, August 16th 2012 - 05:02 UTC

  China soon to become Venezuela’s main trade partner; oil sales soared 60% this year

  

  Venezuelan oil sales to China have jumped by 60% since the start of the year, the country's oil minister said in an interview published on Sunday in the state-run Correo del Orinoco.

• Tuesday, July 31st 2012 - 01:19 UTC

  Chavez after an energy alliance with Argentina and Brazil in the framework of Mercosur

  

  Venezuelan president Hugo Chavez announced he expected to sign an oil/gas alliance between Argentina’s YPF and PDVSA (Venezuelan Petroleum) when he meets with his peer Cristina Fernandez in Brasilia in the framework of the Mercosur extraordinary summit to officially incorporate the country as full member of the trade group.

• Tuesday, January 3rd 2012 - 03:04 UTC

  Venezuela cuts Exxon-Mobil compensation payment from 908m to 255m dollars

  

  Venezuela's PDVSA said on Monday it will pay Exxon Mobil Corp 255 million dollars in compensation for nationalized assets, which is less than a third of what the US oil giant said it was awarded by an arbitration panel.

• Wednesday, August 17th 2011 - 23:15 UTC

  Venezuela: biggest oil reserves, but also record corruption and mismanagement

  

  Venezuela received an enviable honour last month: OPEC said it is sitting on the biggest reserves of crude oil in the world – even more than Saudi Arabia. But the Venezuelan oil industry is also sitting atop a well of trouble.

• Thursday, July 28th 2011 - 11:32 UTC

  Venezuela remains committed to compensate oil companies, says minister

  

  Venezuela said it remains committed to compensating Exxon-Mobil and Conoco-Phillips for nationalized oil assets, as long as the amount is reasonable and either settle by mutual agreement or set by the World Bank’s arbitration panel.

• Friday, May 27th 2011 - 08:58 UTC

  Chavez sacks half of PDVSA board following a 500 million USD fraud

  

  Venezuela’s government giant oil corporation sacked half its board of directors Thursday after PDVSA ’s pension fund lost about 500 million US dollars in a Ponzi scheme linked to a Connecticut-based investor.

• Tuesday, May 24th 2011 - 18:46 UTC

  US imposes sanctions on Venezuela’s PDVSA for engaging in trade with Iran

  

  United States announced new sanctions on Venezuela's state oil company PDVSA and six other smaller oil and shipping companies for engaging in trade with Iran in violation of a US ban.

• Friday, May 13th 2011 - 05:15 UTC

  Power outage knocks out Venezuelan refinery complex, one of the world’s largest

  

  A power fault hit Venezuela's main refinery centre on Thursday, stopping the 310,000 barrel-per-day Cardon facility and partially halting the 645,000-bpd Amuay installation, a source at state oil company PDVSA said.

• Thursday, March 17th 2011 - 18:04 UTC

  China will finance and build 20.000 housing units in Venezuela

  

  Venezuela signed an agreement with Chinese companies Citic Group and Industrial & Commercial Bank of China Ltd. to negotiate a 4 billion US dollars loan to finance oil and construction projects, President Hugo Chavez said in Caracas.