April 26, 2005
Venezuela promotes cooperation among state-owned oil companies

(PDVSA's Press Release) - "State presence in the production of hydrocarbons has been, and will continue to be, of capital importance to the development of this industry, to world energy security and, beyond that, to raise the value of these resources and their use as levers for the sustained development and quality of life of our peoples', according to PDVSA vice-president Alejandro Granado, at the Third State Oil Companies' Forum, held this week at the Brazilian capital, and which brings together industry leaders from all over the world.

'The joint action of governments and state-owned oil companies is an effective lever in bringing about integration processes based on complementarity. Private sector efforts are no doubt important, but the decisive plans are determined by governments, by their collective will and political commitment at the highest level,' Granado explained at the Forum, an event which has the objective of exchanging experiences and initiatives on the main aspects of the hydrocarbons industry, while exploring new cooperation possibilities.

The Venezuelan government is developing a policy aimed at promoting complementarity and cooperation among state oil companies, as well as among them and private capital, as a means of making the best use of opportunities and being able to take on the increasing challenges posed by the markets, now and in the future. With the firm political commitment of our governments, our state oil companies, such as PDVSA, Enarsa, Ancap and Cupet, among others, are setting trends in the development of joint projects, within a framework of mutual respect, solidarity and cooperation. These are achievements in the long-desired project for regional integration', he emphasized.

Granado also said: 'It is important to reclaim the States' ownership rights over their natural resources and obtain a just remuneration from the market for the use of these nonrenewable assets'.

'Venezuela offers a continuous investment flow in the oil-industry upstream, with which we ensure everyone a secure supply under just and stable economic conditions. We are also firmly convinced that we should combine our efforts in the downstream, for which our companies as a whole have the required technological knowledge.'