Venezuela, India agree to build a naphtha unit in South American to widen energy ties

26-Dec-13

Venezuela and India have agreed to build a naphtha production unit in the South American OPEC nation in the latest sign of widening energy ties between the two countries, Venezuela's foreign minister said, as per Reuters. Details have not been disclosed about the deal, the size of the proposed unit. Several big Indian energy firms, including Reliance Industries, already work with Venezuela's state oil company PDVSA. In brief comments carried by Venezuelan state TV, Jaua said the unit would be built in the Orinoco extra heavy oil belt. The naphtha, a liquid mixture of hydrocarbons, would then be mixed with the area's tar-like crude to produce lighter oil for export.