Venezuela, Vietnam set up joint oil refining venture

0 Comments | AFP, August, 2008

CARACAS (AFP) — Venezuela and Vietnam have agreed to create two joint oil refining companies, Energy and Oil Minister Rafael Ramirez said Wednesday.

"PDVSA (Petroleos de Venezuela) and Petrovietnam will work together to build the two joint companies -- one to transport oil to Vietnam and the other to refine that oil in Vietnam, at a refinery we jointly own," Ramirez, who also heads state-run PDVSA, said after a meeting with Vietnamese officials.

Vietnam and Venezuela are expected to announce on September 15 a new oil exploration agreement in the oil-rich Orinoco basin in eastern Venezuela, where Petrovietnam already has a concession.

As Latin America's top oil producer and fifth largest oil exporter to the United States, Venezuela a year ago established a...