Statoil Investing $225M In Venezuela

Published October 31st, 2000 - 02:00 GMT

Statoil of Venezuela subsidiary of Statoil-Norwegian Den Norske Stats Oljeselskap A.S., or Norwey Oil Company, will invest in 2001, $225 million in Venezuela in the $4.3 billion Sincor heavy oil belt project Sincor, local daily El Universal reported Monday.  


According to Statoil Venezuelan President Stafan Riben, the Sincor project will not go to international bond markets to seek financing for the project, due to Venezuela's high country risk, despite theoriginal plans to seek $1.5 billion in an international bond issue. "The partners prefer to spend their own money," Riben said in an interview. 


The Sincor project is now 83 percent complete in the pumping area while 50 percent of the upgrading plant is complete.  


"Over four to five years we plan to raise production to 100,000 barrels per day," Riben said.  


Also, Statoil is very interested in in offshore exploration and  

development of Venezuela's natural gas resources, company president  

Staffan Riben was quoted as saying.  


© 2000 Mena Report (

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