PDVSA, Gazprom Ink NatGas Agreement

Venezuela's state oil company PDVSA has signed an agreement with Russian natural gas major Gazprom to study the development of the former country's natural gas sector.

The one-year study aims to propose a strategy for the next 50 years which includes developing the internal market and regional integration.

The study will analyze existing transport and distribution infrastructure. The agreement includes drafting proposals to modernize and expand this infrastructure, among others.

The agreement was signed during a visit by President Hugo Chavez to Moscow, which also included a meeting between PDVSA and Russian oil company Lukoil.

Lukoil and Gazprom are helping PDVSA carry out reserves certification in Venezuela's Orinoco extra-heavy crude oil belt.

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