Venezuela To Announce Winners for Paria LNG Shortly

Venezuela will announce in two weeks the consortium that will build a $2.5 billion liquefied natural gas facility on the Paria peninsula, Rafael Ramirez, the head of the country's gas regulator, said Wednesday. "The winners have already been notified, and we are just waiting to make sure everyone has heard our decision first," Ramirez said in a statement. Shell Group and Exxonmobil have submitted proposals to develop the project in partnership PDVSA and one or two smaller companies.

The Paria LNG project is critical to launching Venezuela as a major gas producer and exporter. It will also allow the development of stranded gas fields south of Trinidad on the Orinoco Delta platform.