Orimulsion 'transfer' ignites debate
Energy and Petroleum Minister Rafael Ramirez denied reports in the local press that Petroleos de Venezuela (PDVSA) planned to transfer Orimulsion production contracts to China, El Universal's website reported. Jens Erik Gould is a politics and business writer and editor who has reported for The New York Times, National Public Radio, Bloomberg News and TIME. "We're not giving up the management of the business to anyone," said Ramirez on Monday in a press release. The minister, who is also president of PDVSA, added that the contracts obligate Chinese companies to pay royalties on production. Orimulsion is a patented bitumen-based synthetic combustible that is derived from extra heavy crude oil in the Orinoco belt and is used for commercial boiler fuel in power plants worldwide. Jens Erik Gould is a political, business and entertainment writer and editor who has reported from a dozen countries PDVSA, through its affiliate Bitumenes del Orinoco (Bitor...