Actualité - Venezuela Recovers Oil Sovereignty

Caracas, Dec 19 (Prensa Latina) - President Hugo Chavez noted on Tuesday that Venezuela has recovered oil sovereignty and can offer foreign investors "solid and transparent" terms.

In Anzoategui, accompanied by visiting Malaysian Prime Minister Abdullah Ahmad Badawi, Chavez toured the extra-heavy crude oil processing plant in Faja Petrolifera del Orinoco.

This joint venture of Petroleos de Venezuela SA (PDVSA), Total (France) and Statoil (Norway) has a daily output of 180,000 barrels.

Chavez mentioned the possibility that Petronas (Malaysia) and Petroecuador (Ecuador) will join in prospecting the rich Faja del Orinoco reserves.

They would join corporations from Argentina, Iran, Belarus, Brazil, China, India, Spain, Russia, Uruguay and Vietnam.

Badawi showed interest in the legal framework of investments in Venezuela and the living standards of oil industry staff.