Venezuela Floats Oil Blend Project

Venezuela Floats Oil Blend Project

Algeria, Angola, Iran and Nigeria are interested in blending their light oil with Venezuela’s heavy crude to get a better price, the president of Venezuelan oil company Petroleos de Venezuela, S.A.  said.
PDVSA is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil, as well as exploration and production of natural gas.
Eulogio Del Pino, who is on a two-day official visit to New Delhi, in April announced talks on a novel plan to blend the country’s heavy crude with light oil from other OPEC allies, seeking to create a new variety that can compete against swelling US and Canadian supplies.
“We have several countries interested in doing that because that means synergies,” Del Pino was quoted by Reuters as saying in an interview. “Nigeria is interested, Algeria, Iran. ... Angola too,” he added ahead of a meeting with Indian oil minister Dharmendra Pradhan.
The proposal, which would expand on a pilot scheme last year that involved Algerian oil, envisions supplying refineries built for medium-grade crudes rather than the light oil that has become plentiful as a result of the North American shale boom.
Del Pino, who took the reins of Petroleos de Venezuela in September, added the company was mulling importing light crude or using its own during an upgrader maintenance scheduled for the end of the year. PDVSA’s new leadership is eyeing creative solutions at a time of intensifying market competition, and is also seeking to ride out a slump in oil prices that has worsened Venezuela’s recession.
Venezuela’s current oil output stands at about 3 million barrels per day, said Del Pino, who added the South American nation is exporting about 400,000 bpd to India and about 800,000 bpd to key ally China.


Short URL : http://goo.gl/zc2MK3

You can also read ...

Philippines Struggles to Embrace Renewable Energy
Renewable energy costs are falling across the world, but the...
India to Keep Fuel Prices in Check
India is looking at ways to keep rising fuel prices in check,...
OPEC Not Rushing to Boost Production
OPEC is not in a rush to start winding down the production...
Iran's electricity industry ranks 14th in the world in terms of output.
Driven by its vast potential in the electricity industry, Iran...
Oil Prices Rise as China, US Put Trade War on Hold
Oil prices rose on Monday as markets reacted to news that...
Shourijeh Gas Storage Capacity to Reach 4.5 bcm
Shourijeh natural gas storage facility in the northeastern...
Changing Working Hours  Could Help Save Electricity
Changing working hours in state organizations during peak...