Venezuela’s state-owned company Petroleos de Venezuela (PDVSA) will invest over USD 700 million in natural gas exploitation projects in 2001. PDVSA vice chairman Domingo Marsicobetre said that the company will start to work on the construction project of the Costa Oriente Cryogenic Compound, in the state of Zulia, by mid-2001. The plant will handle 1.2 million cubic feet of gas to produce 30,000 barrels of ethane and 50,000 barrels of liquefied gas per day after spending a 600 million dollars investment and equipped with three trains, he said.
There will also be a bidding for natural gas pipelines and exploration and production of natural free gas, without estimates on the specific investment. Marsicobetre said that by the first quarter of 2001, there will be a license for the Anaco-Jose distribution system, which will need 100 million dollars for its expansion during next five years.