Venezuela to develop LNG project

Venezuela has signed an agreement with an Anglo-Dutch company and another firm from Japan to start developing a USD 2.7 billion liquefied natural gas (LNG) project which aims to make the oil-rich nation a net gas exporter by 2007. The preliminary development accord for the Mariscal Sucre project in NE Venezuela was initialled by state-run Petroleos de Venezuela (PDVSA), Royal Dutch/Shell and Japan’s Mitsubishi Corp. It foresees the start of economic and technical feasibility studies for the project, designed to produce 4.7 million tonnes of LNG a year, most of which is expected to go to US customers.

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