VENEZUELA UNDERTAKES PARTIAL REFINERY NATIONALISATION – INTERNATIONAL ARBITRATION EXPECTED
October 1st, 2007
BY RACHEL JONES, in Caracas
VENEZUELA'S Orinoco Belt-which follows the line of the Orinoco River in the south of the country's Guárico, Anzoátegui and Monagas states-is home to some of the biggest reserves of crude oil in the world: 77.2 billion barrels of conventional proved reserves, and about 270 billion barrels of recoverable heavy oil. Traditionally, the South American country has encouraged foreign companies to invest in refineries and upgraders designed to make the heavy crude marketable by upgrading it from an American Petroleum Institute (API) gravity ...
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