Pdvsa sends to India 400,000 barrels per day

Rafael Ramírez announced that a treaty with Indian oil company Reliance will be signed

Ramirez said that the agreement will not remove supply to the United States (File photo)

EL UNIVERSAL

Monday August 20, 2012 12:40 PM

The diversification of state-run oil holding Petróleos de Venezuela (Pdvsa) clients, with a major focus in the Asian market, does not stop.

Rafael Ramírez, Minister of Petroleum and Mining, said that Pdvsa will reachwith Reliance, the Indian oil company, an agreement to supply heavy crude oil that could reach 400,000 barrels per day (bpd) in the long term.

At the end of 2011, Venezuela sent to India 165, 000 bpd on average and 1,000 bpd of oil byproducts. This represents a decrease of 18.6% compared to the volume of 204,000 bpd, sent to India in 2010.

However, India is one of the biggest Pdvsa clients for the future. "We are pondering on the destination of our crude oil. India can refine 5,000,000 of barrels per day; out of which 700,000 barrels are heavy crude oil. It is about to put our crude oil in other niches of markets and spaces," said Ramírez.

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The dialogue experience

José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."

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