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Thursday, May 4, 2017

PetroVietnam says Venezuela oil project still stalled, hopes to reactivate


PetroVietnam's joint venture with Venezuela's state-run oil company PDVSA remains stalled but the Vietnamese company hopes ongoing talks will lead to reactivation of operations, a top executive for the company told Reuters on Wednesday. Vietnam's state-run oil company and PDVSA operate the PetroMacareo extra-heavy crude project in Venezuela's vast Orinoco Belt. After PetroVietnam halted oil production in 2014 due to tough economic conditions, the firm considered selling its 40-percent stake, but did not. Now, PetroVietnam is trying to get operations going again. More…

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