PDVSA, Eni Sign $17 Billion Crude Oil Agreements

Petroleos de Venezuela SA and Eni SpA said they’ll jointly invest $17 billion to produce and refine heavy crude in the Orinoco Belt.
The Petrojunin venture will pump as much as 240,000 barrels a day in the Junin 5 block of the Orinoco and the Petrobicentenaria venture will build a 350,000-barrel-a-day refinery to produce mainly diesel for European markets, PDVSA President Rafael Ramirez said today at a ceremony in Caracas.
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Source: Bloomberg