July 19, 2011
Advanced Search
Home / News / Today's Headlines / ENI to Invest $7 Billion in Venezuela


ENI to Invest $7 Billion in Venezuela

Italian oil major ENI plans to invest $7 billion in projects in Venezuela with the aim of boosting its output there to 240,000 barrels per day by 2018, company CEO Paolo Scaroni said.

ENI’s boss spoke at a press conference in Caracas with Venezuelan Energy Minister Rafael Ramirez, who is also head of state-owned Petroleos de Venezuela SA.

Scaroni said the investment plan includes projects with PDVSA-controlled joint ventures Petrojunin and Petrobicentenario to develop crude reserves in the Orinoco Belt of northeastern Venezuela and build a refinery in Anzoategui state to process that output.

The investment program will “allow us to reach 240,000 barrels per day of output by 2018,” he said, noting that an early production phase called for in the plan – originally slated to begin in 2013 – will be pushed up to next year.

According to Scaroni, Petrobicentenario’s refinery will process extra-heavy crude extracted by the Petrojunin upstream unit in the Orinoco Belt into diesel for the European market.

Ramirez said that in the first phase of the investment program ENI will contribute $2 billion in financing to the two joint ventures and PDVSA will provide another $1 billion.

Copyright 2011, Latin American Herald Tribune. All rights reserved.


Copyright © 2008 Eurasia Press, Inc. (USA). All rights reserved.
Web programming by Iflexion
Copyright © 2008 Eurasia Press (www.eurasiapress.com)