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ENI signs $17bn Venezuela oil deal

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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-23-10 08:29 AM
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ENI signs $17bn Venezuela oil deal
Italian energy company ENI has signed a $17bn (£11bn) deal with Venezuela to develop crude oil fields and build a refinery.

Working with the state-owned oil company Petroleos de Venezuela (PDVSA), ENI will develop a major oil field in the eastern Orinoco river basin.

The two companies have committed to spend $8bn developing the oil field, with ENI taking a 40% minority stake.

They will spend a further $9bn on the refinery, which is to be ready by 2016.

http://www.bbc.co.uk/news/world-us-canada-11817233
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social_critic Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-25-10 07:04 PM
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1. Nothing will happen
Just another piece of paper. PDVSA doesn't have the money to pay for its share, and the PDVSA debt is rated junk. This means they have to pay something like 13 % interest. And such a high interest rate makes the deal unfeasible.
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Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-25-10 07:06 PM
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2. Returning to read your info. Very interesting, D.D. Thanks. Rec. n/t
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Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-25-10 07:07 PM
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3. Didn't see your thread until it was too late to recommend. Virtual Rec.! n/t
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