ARCAYA & ASOCIADOS
May 21, 2007
SUBJECT: The future of Venezuela's heavy oil projects.
SIGNIFICANCE: On May 1, state oil company PDVSA took over control of the four Orinoco belt heavy oil upgrading projects from the current multinational operators.
ANALYSIS: The transfer of control of the four Orinoco heavy oil upgrading projects to state oil company PDVSA arguably marks, in the words of President Hugo Chavez, "the last step" in Caracas's advance towards full control of the country's hydrocarbons sector. It came as no
surprise to those operating in the sector, following an earlier series of similar moves, but it nonetheless constitutes an unwelcome development for the international oil companies (IOCs).
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