Venezuela Invites Vietnam to Study Orinoco Heavy Oil Block

Caracas (Platts) 8 October 2006

Venezuelan and Vietnamese officials have signed a deal to study and quantify reserves at the Junin 2 block in Venezuela’s Orinoco heavy oil belt, the Venezuelan energy ministry said late Friday in a statement.
Among the attendees at the signing ceremony on Friday in Caracas were Venezuelan President Hugo Chavez, Venezuelan energy minister Rafael Ramirez and Vietnamese industry minister Hoang Trung Hai.

According to other various energy cooperation agreements signed on Friday, the two countries will also develop projects in E&P, oil tanker construction, commerce, supply, storage and transportation. They will also study the possibility of building a new refinery together in Vietnam, the statement said.

Venezuelan state oil company PDVSA and Vietnamese state oil company Petrovietnam showed special interest in cooperating to build oil tankers, the statement said.

Petrovietnam is also interested in using Venezuela’s HDH Plus technology to upgrade heavy crude. PDVSA has said that it is using HDH Plus, developed by PdV technology subsidiary Intevep, in the planned expansions of its Puerto La Cruz and El Palito refineries.
Venezuela state oil company PDVSA signed an agreement with Vietnam’s state oil company Petrovietnam in August that opened the door for Vietnam’s participation in upgrading extra heavy oil in the Orinoco heavy oil belt.

The letter of intention signed by Ramirez and his Vietnamese counterpart Pran Ngoc Canh during President Chavez’s visit to Hanoi on July 31 and August 1 said upgraded synthetic crude from the Orinoco belt could be refined in Vietnam.

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