Venezuela, Vietnam set up oil refining joint venture

Venezuela and Vietnam have agreed to create two joint-venture oil refining companies, Venezuelan Energy and Oil Minister Rafael Ramirez said Wednesday. 

“PDVSA (Petroleos de Venezuela) and PetroVietnam will work together to build the two 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 Venezuela’s 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.

Venezuela and Vietnam also plan to build a production facility to make energy-saving light bulbs in Venezuela, Ramirez said.

Vietnam’s Minister of Industry and Trade Vu Huy Hoang welcomed his government’s cooperation with Venezuela, saying it offers “many advantages and great challenges to worldwide trade barriers.”

VNN

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