PetroVietnam President Nguyen Quoc Khanh meets and works with PDVSA President in Caracas, Venezuela

PetroVietnam President Nguyen Quoc Khanh meets and works with PDVSA President in Caracas, Venezuela - 

According to the PetroVietnam, following the Government’s direction on the implementation of Junin 2 Project, in the frameworks of the business trip from 7th to 11th December 2014 in Venezuela after the first week on the new responsibility, on 9th December 2014, PetroVietnam President & CEO Nguyen Quoc Khanh met and worked with Mr. Eulogio del Pino, the President of Petroleos de Venezuela (PDVSA) at PDVSA headquarters in Caracas.

PetroVietnam President Nguyen Quoc Khanh (right) and PDVSA President Eulogio del Pino.

In the context of rising cost and steadily falling crude oil price in the world and the region in recent months, the project for producing and upgrading heavy oil at Block Junin 2 (Junin 2 Project) of PetroMacareo, the joint venture between PetroVietnam and PDVSA,is facing some difficulties that need to be removed timely. As the new President of PDVSA andPDVSA's leader during the formation and implementation of Junin 2 Project, Mr. Eulogio del Pino welcomed new President & CEO of PetroVietnam Nguyen Quoc Khanh with esteem and kindness, acknowledged the goodwill and interest from Vietnam in general and PetroVietnam in particular in the effort to find solutions to Junin 2 project.

At the meeting, President Nguyen Quoc Khanh thanked PDVSA for the cooperation during the project implementation, particularly for sharing project difficulties. Affirming the significance of the project in the petroleum and energy cooperation between two sides among the overall values of bilateral cooperation that has been given special attention by the two governments, President Nguyen Quoc Khanh mentioned the objective and subjective difficulties, fundamental problems facing the project. He proposed to the Venezuelan side that the project should be entitled to the preferential policies from the government of Venezuela as well as PDVSA. He also suggested that both sides should jointly assess and review the Project for further report to senior Leaders and the National Assembly of the two countries so that necessary adjustments to the Project would be given with the ultimate goal of ensuring effective investment for the Project.

PDVSA President shared the views and recognized the recommendations of PetroVietnam leader. He pledged to send the recommendations to senior leaders of Venezuela for consideration and response. He also confirmed that Junin 2 Project, specifically PetroMacareo, is the model of cooperation in a series of projects being implemented by Venezuela in Orinoco oil belt, which is extremely important to Venezuela. Venezuela would attempt to find solutions to the economic efficiency of the Project to meet both sides’ expectations.

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