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Shell CEO meets with Venezuelan Foreign Minister

From El Universal
 
Venezuelan Foreign Affairs minister Alí Rodríguez Araque Wednesday met with Royal Dutch Shell CEO Jeroen van der Veer to study investment and cooperation possibilities in technology for the Anglo-Dutch firm in Venezuela, said the Foreign Affairs Ministry in a communiqué.

Following their meeting, in Rodríguez’ office, Shell CEO stressed his corporation is certain that organization of joint ventures to replace operational agreements is the best way to operate the oil industry in Venezuela. In this connection, he hoped new ideas may emerge in the future that are useful for Shell plans in Venezuela.

He added that they discussed other possibilities for long-term investment, particularly in heavy crude oil Orinoco Belt. Unofficial sources said that, following initialization of a pre-agreement with Hugo Chávez’ Government, Shell is seeking a stake in quantification and assessment of the Orinoco Oil Belt reserves. Seven oil firms, including six state-run firms, started such a project this year.

On Friday, Shell and Pdvsa’s affiliate Venezuelan Petroleum Corporation (CVP) are to ink an agreement for migration of Urdaneta Oeste, the field Shell operated as an operational agreement, to joint venture Petroregional del Lago.

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