May 27, 2012
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Venezuela in oil production deal with Italy’s ENI
2 January 2010 / AP, CARACAS
Venezuela’s state oil company has announced a deal with the Italian company Ente Nazionale Idrocarburi for producing and refining crude from an exploration project in the eastern strip of the Orincoco basin.
An official notice published Thursday by Petroleos de Venezuela SA says two joint companies will be formed under the deal, with PDVSA holding a 60 percent stake in each and ENI 40 percent. No financial value was given for the agreement. The deal is part of improved relations between the two sides since Venezuela’s 2006 takeover of an oil field run by ENI that was part of a broader nationalization of Venezuelan oil projects held by foreign companies.
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