Venezuela: Sincor Officially Transformed into a Mixed Company

After issuing a decree in November 2007 creating the Mixed Company PetroCedeno, the Venezuelan authorities issued on January 10, 2008 a decree transferring Sincor's extra-heavy oil development operations in the Orinoco Belt to the new company.

Total, state-owned PDVSA and the Venezuelan Ministry of Energy and Mines finalized today the texts stipulated in June 2007 memorandum of understanding, which set out the new contractual terms and conditions governing PetroCedeno and the transferring process of Sincor into this company.

Under the terms of the final agreements, Total, which had held a 47% interest in Sincor, will have a 30.323% interest in PetroCedeņo alongside PDVSA (60%) and Statoil (9.677%).

Total will be compensated with oil for the transfer of the 16.677% interest to PDVSA.

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