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CARACAS: Venezuela and PetroVietnam have signed a contract to form a joint venture to pump and refine crude in the Orinoco delta area, the state oil giant PDVSA announced Wednesday.
The Venezuelan concern dubbed PDVSA Petromacareo will focus on "production and refining of ultraheavy crude in the Junin 2 bloc of the Orinoco oil belt," in eastern Venezuela, the statement said.
The contract is for 25 years.
The partners hope to refine 200,000 barrels per day of heavy crude starting in 2016, PDVSA said.
Half of the production would be sent to Vietnam which would hold a 40-per cent stake in the venture and pay Venezuela 584 million dollars to take part, officials said.
PDVSA is South America's biggest oil producer. - AFP/jy
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