The new contract is based on market prices, which in recent years have been lower than those under the previous crude supply agreementLyondell confirms refinery deal Aug 17, 2006
Foreigners may be admitted to such strategically important assets but control must be exercised by Russian companies and residents operating in RussiaUPI Energy Watch Feb 24, 2005
We're pleased that shipments to LCR are now increasing and that LCR has successfully plotted a course that we expect will take it to near-full rates over the next monthCrude closes 58 cents higher despite OPEC Jan 13, 2003
The PFL has met and was very clear in ratifying the candidacy of Roseana SarneyLatin American market roundup Mar 14, 2002
Although none of the other refinery units were damaged, we brought those units back up slowly and deliberately to ensure the safety of our employeesLouisiana refinery back on line Oct 16, 2001
Petróleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: ) (Petroleum of Venezuela) is the Venezuelan state-owned petroleum company. It has activities in exploration, production, refining and exporting oil, as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.
Between 2004 and 2010 PDVSA contributed $61.4 billion to social development funds. Around half of this went directly to various Bolivarian Missions, with the remainder distributed via the National Development Fund.
Venezuela has 77.5 billion barrels (1.232×1010 m3) of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up approximately half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil. By also including an estimated 235 billion barrels (3.74×1010 m3) of tar-like extra heavy crude oil in the Orinoco Belt region, Venezuela claims to hold the largest hydrocarbon reserves in the world. Venezuela also has 150 trillion cubic feet of natural gas reserves.