Venezuela’s Chavez Says Algeria Could Work in Orinoco

By Steven Bodzin

Sept. 2 (Bloomberg) -- Venezuela President Hugo Chavez said he will use a visit to the African nation to invite Sonatrach, Algeria’s state oil company, to help develop the tar-like oil of Venezuela’s Orinoco Belt.

Algerian crude is very light, meaning it could be mixed with Venezuelan crude to make blends, Chavez said today on state television from Algeria, where he landed today.

Venezuela is working with state energy companies including StatoilHydro ASA of Norway, Petropars of Iran and China National Petroleum Corp. to develop the Orinoco, where the South American nation is studying how to extract more than 200 billion barrels of oil out of the more than 1 trillion barrels buried there.

Chavez said he and Algerian President Abdelazis Bouteflika may discuss agreements on liquefied natural gas, petrochemicals, food production, tourism and fisheries. The two countries may also create a joint investment fund, he said.

Source: Bloomberg.
Link: http://www.bloomberg.com/apps/news?pid=20601207&sid=a99W.UMbQXh0.