Rafael Ramirez Speech in Caracas

(Energy Analytics Institute, Piero Stewart, 7.Oct.2013) – PDVSA President Rafael Ramirez spoke with journalist in Puerto La Cruz, Venezuela.

What follows are excerpts from the discussion.

Rafael Ramirez regarding shipments to China:

Ramirez: We are currently exporting 640,000 b/d to China and 430,000 b/d to India.

We are supplying oil to China but we are arriving to a point that we need to build new refineries in the country so that they can process our heavy oil. That is why we are working with CNPC on a refinery project in Jieyang. In contrast, India has installed refining capacity, so India is another natural market for our heavy oil.

Regarding Lukoil pulling out of Carababo project in the Faja:

Ramirez: The Russian companies are looking for one primary company and not so many small companies in Venezuela. As a result, Rosneft has been looking to increase its participation in projects.

The situation regarding Lukoil and Rosneft in the Carabobo project is between Russians. We have given Rosneft authorization to move forward with the assumption of Lukoil’s stake and we do not have a problem with this.

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