Venezuelan PdVSA mulls investment in refinery and petrochemical project in India

10-Apr-08

In a bid to diversify its oil exports, OPEC member Venezuela is mulling the feasibility of an integrated multi-billion-dollar oil project in India; offering ONGC Videsh Ltd a stake in Orinoco heavy oil basin with 200,000 bpd capacity. Venezuela potentially holds the world's largest oil reserves ahead of Saudi Arabia, and is currently considering multi-billion dollar investment in oil refinery and petrochemical projects in India. The agreement came during the visit of Indian Petroleum Minister to Venezuela, the first by any oil minister from India to the Latin American nation. The Orinoco heavy oil basin may hold up to 270 billion barrels of oil reserves in addition to the existing 80 billion barrels of proven oil reserves, making it the nation with largest oil reserves ahead of Saudi Arabia that has close to 160 billion barrels of reserves.