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...