August 19, 2005
Venezuela will build three new oil refineries

(AP) - "Venezuelan President Hugo Chávez says the state oil company plans to build three new oil refineries in coming years, and that his government would be willing to discuss establishing a new OPEC price band for world oil prices.

Two new refineries will have a capacity to run 50,000 barrels a day each, and a third would process as much as 400,000 barrels a day, Chávez said late Thursday during a televised speech.

'We also plan to expand other refineries such as the one in Puerto La Cruz, and El Palito so they can process heavy crude,' Chávez said. (...)

The president spoke as he presented future investment plans of the state oil firm Petróleos de Venezuela SA, or PDVSA, at a conference in Caracas (...)

As part of PDVSA's investment plans in coming years, Chávez said refurbishing the country's oil infrastructure is crucial. Also, the president said PDVSA will continue to work with foreign oil companies as long as they follow the letter of the law (...)".