;
Home / Knowledge / News / Textiles / OVL & PDVSA form joint crude venture
OVL & PDVSA form joint crude venture
10
Apr '08
ONGC Videsh Limited (OVL) and Petroleos De Venezuela S.A. (PDVSA) signed in Caracas, Venezuela on April 8, 2008 (India time late night yesterday) a Joint Venture agreement for the San Cristobal Field in Junin, Orinoco Region of Venezuela.

This JV agreement was concluded at an impressive ceremony in the presence of Mr. Murli Deora, Minister of Petroleum & Natural Gas of India and Mr. Rafael Ramirez Carreno, Minister of Energy and Petroleum of Venezuela.

OVL is a 100% subsidiary of India's leading national oil company ONGC. Under this joint venture, OVL will have a participating interest of 40%, while PDVSA retains the remaining 60% in the San Cristobal Field in Junin, Orinoco Region of Venezuela.

They will jointly develop the field from its current production level of 20,000 bbl per day to 40,000 bbl per day. Government of India has recently approved OVL's participation in the project with an investment of US$ 356 million.

Speaking on the occasion Mr. Deora described the event as a historic milestone in growing cooperation between India and Venezuela in the hydrocarbon sector. He expressed hope that this JV will pave way for more such mutually beneficial projects between the two countries.

Today's signing fructifies the consistent efforts on part of India's Ministry of Petroleum & Natural Gas to take forward relations between India and Venezuela.

It may be mentioned that during the visit of President Hugo Chavez to NewDelhi in March 5, 2005, an Agreement for Cooperation in the hydrocarbon sector was signed between India and Venezuela.


Must ReadView All

Bangladesh jute industry at risk due to old technology

Textiles | On 18th Dec 2018

Bangladesh jute industry at risk due to old technology

Bangladesh’s jute industry is losing productivity and competitiveness ...

Cotton trading pace slows down in Brazilian market

Textiles | On 18th Dec 2018

Cotton trading pace slows down in Brazilian market

With the low quality of the batches available in the Brazilian market ...

Courtesy: Destination Maternity

Apparel/Garments | On 18th Dec 2018

Destination Maternity reports sales of $92.8 mn in Q3

Destination Maternity Corporation, the world’s leading maternity...

Interviews View All

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Smita Murarka, Amanté

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Larry Fontana,

Larry Fontana

Italy-based Lafer SpA is one of the most innovative surface finishing...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search