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

 - Exxon CEO Doesn't See Supply Shortage Pushing Up Oil Prices (Oct 19)
 - ExxonMobil To Start Drilling First Liberia Well In November (Oct 19)
 - Norway Gas Plant Workers Agree Wage Deal, Avoid Strike (Oct 7)
 Company: Statoilmore info

 - Faroe to Increase CAPEX in 2017 (Oct 19)
 - Production Still Shut at Statfjord A Following Platform Fire (Oct 16)
 - Sture Terminal Employees Taken to Hospital After Incident (Oct 13)
 Company: ConocoPhillipsmore info

 - ConocoPhillips Sues Venezuela's PDVSA, Calls Bond Swap 'Fraudulent' (Oct 7)
 - MedcoEnergi Acquires ConocoPhillips' Stake in South Natuna Sea Block (Sep 20)
 - Pertamina's Upstream Arm Produces 15% More Oil, Gas Than Planned (Sep 19)
 Company: Chevron Corporationmore info
 - Chevron Confirms Is In Discussions For Potential Bangladesh Sale (Oct 13)
 - Kidnapped Romanian Oil Engineer in Niger Delta Released (Oct 13)
 - Jefferies: OPEC Output Cut Unlikely (Oct 11)
 Company: PDVSAmore info

 - Ex-Venezuela PDVSA Boss Denies $11B Corruption Allegations (Oct 20)
 - Spain's Repsol Provides $1.2B Credit Line For Venezuela Oil JV (Oct 7)
 - ConocoPhillips Sues Venezuela's PDVSA, Calls Bond Swap 'Fraudulent' (Oct 7)
 Company: ENImore info

 - ENI: FPSO Soon Ready to Start Work at East Hub Development Project (Oct 14)
 - Mozambique Minister's Sacking Will Not Affect Gas Project Decision (Sep 30)
 - Eni: Laarich East-1 Well Onshore Tunisia Has 2,000 Bpd Capacity (Sep 19)

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Associate Category Manager or Category Manager Job
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours