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  • ChevronTexaco to invest over US $5 billion in heavy crude project in Venezuela

    04/05/2005 10:16:22 PM PDT · by Righty_McRight · 8 replies · 431+ views
    Canadian Business ^ | April 5, 2005
    CARACAS, Venezuela (AP) - Oil giant ChevronTexaco Corp. is looking to invest between $5 billion and $6 billion US in a heavy crude oil project in Venezuela's Orinoco tar belt this year, a company official said. "We're hoping to start basic investment in late 2005," Ali Moshimi, president of the company's Latin America upstream projects, told reporters. Spain's Repsol YPF and Chevron announced last week plans for a joint project to refine extra-heavy crude from the tar belt in eastern Venezuela into synthetic crude. The fuel would then be transported through a new regional pipeline. Chevron holds a 30 per...