Middle East Economic Survey
VOL. XLVIII
No 35
29-August-2005
Chavez Announces Plans To Invest $56Bn In Upstream Sector
Venezuela has launched plans for major investment to raise its oil production capacity worth some $56bn over seven years, according to a statement made by President Hugo Chavez on 18 August. Mr Chavez said around 70% of the total would be spent by state oil company PDVSA and 30% would take the form of investment by international oil companies (IOCs). The plan will look at...
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