Citgo CEO: Venezuela to Keep Supplying Oil to W. Hemisphere

Despite recent conflicts between Venezuela's national oil company and oil giants operating in the country, a Venezuelan official stressed Monday that the country is open to foreign investment in its oil fields.

"Venezuela will continue to honor long-term crude agreements," said Alejandro Granado, chief executive of Citgo Petroleum Corp., Venezuela's U.S. refining arm.

Speaking to a conference of refining executives, Granado stressed that a number of opportunities for investing in Venezuela's Orinoco crude belt remain.

Opportunities to build a refinery to upgrade or process the heavy oil from that region in Venezuela or abroad are available, he said. The country would also welcome foreign investment in a joint venture, he said. He stressed that the country would continue to be an important supplier of crude to the western hemisphere.

In the past year, ConocoPhillips and Exxon Mobil Corp. have pulled out of the country, owing to conflict over the country's tax regime. Granado defended Venezuela's position in this conflict, saying that the country had to protect its natural resources and levee taxes to ensure their preservation. He noted that other foreign oil companies, including Chevron Corp., Statoil and, most recently, Eni SpA are operating in the region.

Granado represents Citgo, the wholly owned refining arm of Petroleos de Venezuela SA, or PdVSA. Citgo operates three refineries, which all process heavy grades of crude oil, which are difficult to refine.


Copyright (c) 2008 Dow Jones & Company, Inc.

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - Oil Giants Upending Shale Turf Where Wildcat Drillers Once Ruled (Mar 21)
 - ExxonMobil Agrees to Buy 25% Stake in Mozambique's Area 4 Block (Mar 9)
 Company: Statoilmore info


 - Statoil Exec: Effective Leaders Should Empower People and Machines (Mar 24)
 - Statoil Makes North Sea Oil, Gas Discovery (Mar 24)
 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 Company: ConocoPhillipsmore info


 - ConocoPhillips CEO Talks Talent Shortage and Learning in the Downturn (Mar 7)
 - Shell Shuns New Oil Sands as Low Crude Prices Force Cost Control (Feb 27)
 - Origin To Take A$1.9B Charge On LNG, Exploration Assets (Feb 15)
 Company: Chevron Corporationmore info
 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - China's Sinopec Buys First Major African Refinery In Chevron Deal (Mar 22)
 - Oil Giants Upending Shale Turf Where Wildcat Drillers Once Ruled (Mar 21)
 Company: PDVSAmore info


 - Venezuela PDVSA Says In Grace Period For 2035 Bond (Nov 22)
 - Venezuela's PDVSA Reaches $1.45B In Finance Deals With Oil Firms (Nov 4)
 - US Said to Be Closing In on PDVSA-Linked Seizures, Charges (Oct 25)
 Company: ENImore info


 - Nigerian Court Overturns Seizure Of Oilfield From Shell And Eni (Mar 17)
 - Zohr to Start Gas Production This Year (Mar 15)
 - ExxonMobil Agrees to Buy 25% Stake in Mozambique's Area 4 Block (Mar 9)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
Land Specialist - Delaware Basin
Expertise: Landman
Location: Midland, TX
 
Health & Safety Compliance Specialist III
Expertise: Environmental, Safety & Training|HSE Manager / Advisor|Regulatory Compliance
Location: Ignacio, CO
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours