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


 - Nigeria To Mediate In Dispute Between Exxon And Labor Unions (May 24)
 - Shell Shareholders Reject Emissions Target Proposal (May 23)
 - ExxonMobil, Total Discuss Offshore Drilling Opportunities In Greece (May 19)
 Company: Statoilmore info


 - Norway's Statoil Plays Down Risks Ahead Of Arctic Drilling (Apr 24)
 - Statoil Confident Brazil Deal To Go Ahead Despite Suspension (Apr 18)
 - Statoil Exec: Effective Leaders Should Empower People and Machines (Mar 24)
 Company: ConocoPhillipsmore info


 - ConocoPhillips To Lay Off 300 In Canada After Cenovus Deal (May 4)
 - ConocoPhillips Posts Surprise Loss On Higher-Than-Expected Costs (May 2)
 - Deal Of The Month: ConocoPhillips Cuts Gas Profile in $3B San Juan Sale (Apr 28)
 Company: Chevron Corporationmore info
 - No New Demand, More Supply Leaves Spot Price Languishing (May 26)
 - South Africa Wants Sinopec to Retain Refinery Capacity (May 25)
 - Venezuela Oil Executive Arrested in Corruption Probe (May 23)
 Company: PDVSAmore info


 - Venezuela's Secret Plot to Sell Banned Syrian Oil in U.S. Market (May 25)
 - Venezuela Oil Executive Arrested in Corruption Probe (May 23)
 - Fuel Shortage Again Hits Oil-rich Venezuela Amid Refinery Woes (May 17)
 Company: ENImore info


 - Eni to Build Crude Oil Refinery in Nigeria -Oil Minister (May 9)
 - Eni Shuts Down Oil Center At Major Italy Field After Local Order (Apr 18)
 - Eni Paid No Intermediary, Bribes To Acquire Nigeria Oilfield (Apr 13)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Dispatcher Level 1 and Level 2
Expertise: Logistics Management
Location: Denton
 
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
 
Surface Land Professional Job
Expertise: Landman|Lease Analyst
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours