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PVEP signed Contract for Incorporation and Administration of the Mixed company PetroMacareo S.A., Block Junin 2, Venezuela On July 1, 2010, in Caracas, the Bolivarian Republic of Venezuela, under the witness of H.E. Hoang Trung Hai, Deputy Prime Minister of the Socialist Republic of Vietnam, the Contract for Incorporation and Administration of the Mixed Company PetroMacareo S.A. for producing and upgrading heavy oil in Block Junin 2, Orinoco Oil Belt, the Bolivarian Republic of Venezuela, is signed by Mr. Nguyen Vu Truong Son, President & CEO of PetroVietnam Exploration Production Corporation Ltd. (PVEP) and Mr.Ruben Figuera of Corporación Venezolana del Petróleo S.A. (CVP).
The Mixed Company PetroMacareo S.A. has been granted the right to produce oil in an area of 247.77 square kilometers in the North of Block Junin 2 containing about 36 billion barrels of oil in place. The plateau production of the Mixed Company is expected to reach around 200.000 barrels of oil per day and the heavy crude shall be upgraded from 80 API to 320 API. The duration of Mixed Company shall be 25 years, extendable for further maximum 15 years in accordance with Venezuelan laws.
The Shareholders in the Mixed Company are PVEP, awholly-owned subsidiary of Viet Nam Oil and Gas Group (PetroVietnam) with 40% and CVP a wholly-owned subsidiary of the Petróleos de Venezuela S.A. (PDVSA) with 60%.
Previously, on 20 November 2008, PVEP and CVP have signed the Memorandum of Understanding for the establishment of the Mixed Company with the witness by Presidents of the Socialist Republic of Vietnam and Bolivarian Republic of Venezuela.
The signing of the Contract for Incorporation and Administration of the Mixed Company PetroMacareo S.A marks a remarkable milestone on PVEP’s history and significantly contributes to Vietnam petroleum industry in general and PVEP in particular for the purpose of national energy security and development of cooperation relations between the Socialist Republic of Vietnam and Bolivarian Republic of Venezuela./.
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02/07/2010 02:17:46 PM | | Latest Articles: PVFC received the 2nd Class State Labour Medal on its 10th anniversaryIn the evening of June 18th, at the National Conference Centre (NCC), Ha Noi, PVFC was honorable to receive the 2nd Class State Labour Medal from the State President, in its 10th anniversary celebrating ceremony. PVFC approved ISO 9001:2008 by SGSOn June 10, 2010, at the PVFC’ Hochiminh Branch Office, PVFC was honored to receive ISO 9001:2008 from SGS. The “Get early luck – Get TOYTA Vios” special prize has found its ownerIn the morning of June 8th 2010, at the Hanoi Youth Sport & Culture Palace, PVFC together with the Capital Construction Lottery Company organized the Wheel spinning program for the special prize of “Get early luck – get Toyota Vios” individual fund mobilization promotion campaign – ran by PVFC from March 1st to May 29th 2010. 2 lucky customers getting PVFC’ Tour to Singapore Prizes in the same dayOn May 26th 2010, Mr. Vu Thanh Tung – a LIFE-GAP Officer (add: No.4A Lang Ha St., Ba Dinh Dist, Hanoi) and Mr. Su Quang Thai (add: No. 24A Gia Long, Zone 1, Tra On, Vinh Long Province) won the prize “Tour to Singapore” (worth VND10 millions) when they joined PVFC’ individual’s fund mobilization promotion campaign “Get early luck-Get TOYOTA Vios” that carried out in the whole system of PVFC. PVFC provided a new US$ 60M credit line for BSR
By May 2010, PVFC has officially provided a credit line up to US$ 60M for BRS with purpose of working capital funding for Binh Son Refinery 1 partner Limited Company BSR. Phu Dat JSC has new officeFrom Monday May 24th 2010, Phu Dat JSC will move its head office to 117 Nguyen Dinh Chieu Street, Ward No.6, District No.3, Hochiminh City. PVFC signed memorandum of understanding with VNIC and SDFCThe ceremony of MOU signature among PVFC, Vietnam Instruction Corporation (VNIC) and Song Da Finance Company (SDFC) was organized on May 18th 2010 at Petrovietnam’ Head Quarter – No.18 Lang Ha Street, Hanoi. |
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