According to a Reuters’ report, which quoted Venezuela's Foreign Minister, India and Venezuela have agreed to build a naphtha production unit in the South American OPEC nation in the latest sign of widening energy ties between the two countries. The size of the unit could not be ascertained.
The joint construction of a naphtha unit would deepen trade ties that have grown in recent years as an increasing supply of Venezuelan crude flows to India. According to Venezuela's state oil company PDVSA, crude sales to India have more than doubled to 3,66,000 barrels per day (bpd) in 2012, compared to 1,65,000 bpd the previous year. In addition, there are several big Indian energy firms, including Reliance Industries, which are already working with PDVSA.
In brief comments carried by Venezuelan state TV, Foreign Minister Elias Jaua said that the proposed naphtha unit would be built in the Orinoco extra heavy oil belt. The naphtha, a liquid mixture of hydrocarbons, would then be mixed with the area's tar-like crude to produce lighter oil for export. “These are joint investments aimed at producing the fuel, the primary material, required for the energy that India needs for its impressive industrial, scientific and technological development,” Jaua said.
READ COMPLETE REPORT ON: Venezuela, India agree to build naphtha production unit
The joint construction of a naphtha unit would deepen trade ties that have grown in recent years as an increasing supply of Venezuelan crude flows to India. According to Venezuela's state oil company PDVSA, crude sales to India have more than doubled to 3,66,000 barrels per day (bpd) in 2012, compared to 1,65,000 bpd the previous year. In addition, there are several big Indian energy firms, including Reliance Industries, which are already working with PDVSA.
In brief comments carried by Venezuelan state TV, Foreign Minister Elias Jaua said that the proposed naphtha unit would be built in the Orinoco extra heavy oil belt. The naphtha, a liquid mixture of hydrocarbons, would then be mixed with the area's tar-like crude to produce lighter oil for export. “These are joint investments aimed at producing the fuel, the primary material, required for the energy that India needs for its impressive industrial, scientific and technological development,” Jaua said.
READ COMPLETE REPORT ON: Venezuela, India agree to build naphtha production unit