February 8, 2005
Venezuelan President to visit India

(The Financial Express) - " Venezuelan President Hugo Chávez will be visiting India next month. Amongst other things, developing relations with India in the oil sector, would be the topmost item on his agenda. 'The president will be accompanied by a delegation, which would include Venezuelan oil and foreign ministers, Rafael Ramírez and Alí Rodríguez', Ministry of External Affairs sources told FE. Venezuela has emerged as India's newest oil supplier.

Between the Athabasca sands and Venezuelan Orinoco basin, there is more recoverable oil (with current technology) than in all of the Middle East, sources pointed out. Talking to EFE, Milena Ramírez, Venezuela ambassador said, 'Venezuela has offered Oil Videsh Limited (OVL) a share in five oil fields for exploration and production, which is presently under consideration' (...)

Foreign affairs minister Alí Rodríguez is reported to have said recently in Caracas that PDVSA will not reduce oil exports to the US, but it will rather increase its production to meet growing demands in India and China. 'The goal is not to reduce supplies to traditional clients, like the US; PDVSA's business plan is aimed at increasing the production capacity to meet the demand of that country and new requirements in other countries,' he had said. OVL, a subsidiary of ONGC, is likely to sign an agreement with PDVSA for joint investment in oil and gas projects, sources said".