Venezuela projects revenues of US$100 bln over next 5 years

Venezuela, the fourth largest supplier of crude oil to the United States, projects revenues of US$100 bln over the next 5 years through expansion of its petrochemicals industry. By 2013, the industry will have created 700,000 jobs, 10 times the number employed at state oil company Petroleos de Venezuela SA, and will require US$20 billion in investment. Royalties to the government from the petrochemicals industry have been projected to rise to US$20 bln by 2013, from US$340 mln this year. The president has launched the so-called petrochemical revolution, which will require 87 plants across the country to produce primary materials and petrochemicals-based products like fertilizers, plastics and cosmetics. The government will begin operating a 60,000 tpa polyethylene plant in December. In 2010, another larger, plant with the capacity to process 1 million metric tpa will be inaugurated.
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