Belarusian-Venezuelan joint venture to extract around 0.9m tonnes of oil in 2008

Belarusian-Venezuelan joint venture Petrolera BeloVenesolana plans to extract around 900,000 tonnes of oil in 2008, Belneftekhim’s Deputy Chairman Mikhail Osipenko told media on May 20. In future by 2010 the figure is supposed to rise up to 2 million tonnes of oil, he added. Belarus does not believe it is necessary to transport Venezuelan oil to Belarus. All the extracted oil is sold on the international market. “Why is it necessary to bring it to Belarus if it can be sold on the spot for $200 per tonne?” wondered the official. At present Petrolera BeloVenesolana extracts oil from deposits Guara Este and Lagomedio. After another three oil fields are added, the joint venture will be able to boost oil extraction. Belarusian-Venezuelan oil-extracting joint venture Petrolera BeloVenesolana was founded by Belarusian petrochemical concern Belorusneft and Venezuelan state oil company PDVSA. Belarus’ profits from oil extraction in Venezuela are commensurate to the country’s contribution to the company’s authorised capital (40%). Founded in 1966, production association Belorusneft is part of Belneftekhim. It prospects and develops oil fields, drills wells, extracts oil and associated petroleum gas.