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Vietnam to pump first Venezuela oil in 2012

Vietnam National Oil and Gas Group (PetroVietnam) and Venezuela National Oil Petroleum Company (PDVSA) have reached an agreement on measures to extract the first oil flow from Block Junin 2 in Venezuela in the fourth quarter of 2012.
Vietnam National Oil and Gas Group (PetroVietnam) and Venezuela NationalOil Petroleum Company (PDVSA) have reached an agreement on measures toextract the first oil flow from Block Junin 2 in Venezuela in thefourth quarter of 2012.

The two sides agreed ontasks and funding for their joint venture Petromacareo in 2011-2012 toenable it conduct the assessment, development and installation ofequipment, building of pipelines, and implementation of oil services forthe Junin 2 project.

With a very large investmentcapital and scale, the Junin 2 project is seen as a motive force for thedevelopment of oil projects between Vietnam and Venezuela .

The oil output pumped from Block Junin 2 is expected to reach 10 million tonnes by 2016.

Apart from Junin 2, PetroVietnam and PDVSA are cooperating in severalother projects, including a master study project for Maracaibo lakeand an expansion and upgrade project for Dung Quat Oil Refinery.

During his working visit to Venezuela , PetroVietnam’s ChairmanDinh La Thang has gained Venezuelan Vice President cum Minister ofEnergy and Petroleum Rafael Ramirez Carreno’s commitments to simplifyingadministrative procedures and required processes while giving toppriority to PetroVietnam’s service companies to engage in providingservices related to the Junin 2 field project, said PetroVietnam.

Venezuela said it was ready to provide strategic reserves of crudeoil and oil products for Vietnam in the long term./.
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