Venezuela's PDVSA Targets to Start LNG Exports by 2014

SINGAPORE (Dow Jones Newswires), Dec. 12, 2008

State-owned Petroleos de Venezuela SA, or PdVSA, is planning to start exporting liquefied natural gas from its offshore joint ventures by 2014 in its third attempt in almost two decades to develop an LNG export industry, LNG Intelligence reported Friday.

A final investment decision on the first two trains in the Delta Caribe Eastern LNG project is expected by the end of 2009, with the first LNG delivery by 2014, it said, citing Ruben Figuera, who oversees PdVSA's offshore joint ventures.

Under the company's new strategy, 2.7 million metric tons a year from each of the first two trains will be delivered to strategic markets, including Argentina, the Caribbean and Brazil, while 2 million tons will go to the open market, LNG Intelligence said.

For the third train, estimated to cost $1.4 billion, 3 million tons will go to the open market and 1.7 million tons to strategic markets each year, it added.

Foreign partners for the three projects include Portugal's Galp Energia SGPS, Chevron Corp., Qatar Petroleum, Malaysia's Petroliam Nasional Bhd. and Japanese majors.  

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

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