Venezuela to Create New Petrochemical Co. [View All]

[HuckleB]

Venezuela to Create New Petrochemical Co.

http://www.forbes.com/business/feeds/ap/2004/12/08/ap1699522.html

"Venezuela will create a new petrochemical company, in an effort to emphasize the petrochemical business in the country, a ranking government official said.

The new company, Corporacion Venezolana de Petroquimica, would work independently from the state-run Petroleos de Venezuela S.A., Rafael Ramirez, Venezuela's energy and mines minister and president of PDVSA, said late Tuesday.

Venezuela's petrochemical business is currently run by Pequiven, which works as an affiliate of PDVSA and which would be replaced by Corporacion Venezolana de Petroquimica.

Ramirez said that petrochemical agreements with Qatar and Iran would help in the creation of the new company, which should be established next year."