June
22, 2004
Venezuelan state oil
company to invest US$37 billion by 2009
(AP Online) - "Venezuela's state oil
company plans to invest US$37 billion by 2009
to improve production capacity, one of the corporation's
directors said.
Nelson Martínez said Petróleos de
Venezuela S.A., or PDVSA, would increase production
capacity from 3.8 million barrels a day to 5 million
barrels a day under the investment plan. "In
this context, Venezuela is and will be one of
the most important international oil suppliers".
Martínez said Venezuela, a top supplier
to the United States and the world's No. 5 oil
exporter, is currently producing 3.1 million barrels
of oil per day".
