March 22, 2006
PDVSA to invest US$123bn through 2012

(BNamericas.com) - "Venezuela's state oil company PDVSA plans to invest US$123bn through 2012 to expand exploration, production and refining, company CFO Eudomario Carruyo told BNamericas.

'The bulk will go towards exploration, but an important component [of the funds] will go towards refining, deep conversion [a process to obtain the most saleable product from each barrel of crude] and three new refineries,' Carruyo said.

PDVSA's board will hold its annual meeting by end-April to detail where the funds will be channeled, the official said.

Last year the state company said the six-year plan, which aims to increase production to 5.8 million barrels a day (Mb/d) from 3.1Mb/d and increase refining capacity to 4Mb/d from 3.3Mb/d, would cost US$56bn (...)".