InfoAnda - Malaysia's Petronas signs oil deal with Venezuela

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Malaysia's Petronas signs oil deal with Venezuela AFP - 2 hours 11 minutes ago Send IM Story Print Malaysia's Petronas signs oil deal with Venezuela KUALA LUMPUR (AFP) - – Malaysia's national oil firm Petronas said Thursday it has signed its first deal with Venezuela to develop oil projects in the country. Petronas signed a joint venture agreement with Petroleos De Venezuela S.A. for the development and production of hydrocarbons from the Carabobo Project in Venezuela's Orinoco Region. Petronas, together with partners Repsol YPF, ONGC Videsh Limited, Indian Oil Corporation Limited and Oil India Limited, will develop the Carabobo 1 Norte and Carabobo 1 Centro blocks located in the Orinoco Heavy Oil Belt. Petronas said in a statement that the signing of the agreement took place in Caracas on May 12. Under the terms of the deal, the joint venture company will build heavy oil production facilities and upgrade facilities and associated infrastructure. The upstream facilities are expected to produce around 400,000 barrels per day of extra-heavy oil, of which about 200,000 barrels per day will be processed into light crude, it said. Petronas said the joint venture company has a licence term of 25 years with the potential for a further 15-year extension to extract oil. Recommend Send IM Story Print Related Articles Asia stocks rise as growth hopes best debt fears AP - 11 minutes ago Kuwait's CBK appoints new chairman Reuters - 29 minutes ago Europe shares rise for 2nd day on company results Reuters - 31 minutes ago PM says Australian mining to grow despite new tax AP - 32 minutes ago China shares rebound 2 percent, banks rally Reuters - 35 minutes ago News Search Top Stories NY 'investigates' if banks misled ratings agencies Pope rallies priests as crowds flock to Fatima Greece draws first IMF loan for eurozone state EU wants to vet national budgets US trade deficit hits 15-month high More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Scientists stunned as grey whale sighted off Israel Cameron finally British PM after cliffhanger polls Boy survives as 103 killed in Libya plane crash Earth may be too hot for humans by 2300: study Pope rallies priests as crowds flock to Fatima More Most Viewed » Scientists stunned as grey whale sighted off Israel Aliens may exist but contact would hurt: Hawking Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Freddie Mac asks for fresh 10.6 billion dollar bailout More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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